EURUSD surged sharply after weak US PCE data. It declined to 6% yearly in Oct, below market expectations of 6.2%. Market eyes US NFP data for further direction. It hits an intraday high of 1.05449 and is currently trading around 1.05332.
US ISM manufacturing PMI dropped to 49 in Nov compared to a forecast of 49.70.
US ISM manufacturing PMI dropped to 49 in Nov compared to a forecast of 49.70. Markets eye the US NFP for further direction.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Dec dropped to 20.6% from 24.2% a day ago.
Technical:
On the higher side, near-term resistance is around 1.0550 and any convincing breach above will take the pair to the next level of 1.0600/1.0660.
The pair's immediate support is at 1.0480, breaking below targets of 1.0435/1.0370.
Indicator (4-hour chart)
Directional movement index – Bullish
It is good to buy on dips around 1.0500 with SL around 1.0435 for a TP of 1.0660.
