EUR/USD pared some of its gains after mixed US PMI data. It hit an intraday low of 1.07900 and currently trading around 1.08033.
In March 2025, the U.S. Flash PMI data showed a mixed picture: the Manufacturing PMI contracted to 49.8, while the Services PMI improved to 54.3, driving the Composite PMI up to 53.5, signaling overall expansion despite weaker optimism for the coming year
Technical Analysis of EUR/USD
The pair is holding below short and below the long-term moving average in the 4-hour chart. Near-term resistance is seen at 1.08650; a break above this may push the pair to targets of 1.0900/1.0950/1.1000. Major bullish momentum is likely only if prices can break above 1.1000 where levels of 1.1070/1.1150. On the downside, support is seen at 1.0770 any violation below will drag the pair to 1.0750/1.0700/1.0660/1.0600/1.0500/ 1.0460.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bearish
Average Directional Movement Index (ADX) - Neutral
It is good to sell on rallies around 1.0835 with a stop-loss at 1.0870 for a target price of 1.072.
