EUR USD Technical Analysis September 4, 2018
The EUR rose 0.19% against the USD on Monday and closed at 1.1617. Today in the Asian session while EUR USD technical analysis September 4, 2018 is preparing at 7:15 GMT, the pair is trading at 1.1595, which is 0.18% lower from yesterday’s closed.
In Europe, data showed that the Euro Manufacturing PM: Manufacturing PMI for the euro area in the Eurozone came in at 54.6 in August 2018.Which was unchanged from initial estimates and a drop from July 55.1. The reading indicated the weakest expansion in the manufacturing sector since November 2016. New orders rose at a slower pace for two years, and export orders growth did not change at the lowest level in two years.
When the US market opens, the economic data will release such as US PMI: The IHS Markit industrial, manufacturing index fell to 54.5 in August of 2018 from 55.3 in July, slightly below market expectations at 55, according to preliminary estimates. The reading, referred to the slowest expansion in the manufacturing sector in nine months with slow production, new business, pressure and pressure work.
United States Purchasing Managers’ Index (PMI):
Manufacturing PMI manufacturing index fell to 58.1 in July of 2018 from 60.2 in the previous month, below market expectations at 59.5. The reading pointed to the weakest expansion in the manufacturing sector in three months amid a slowdown in new orders and orders for export and production. Demand remains strong, but manufacturers are still showing concerns about the impact of tariff-related activities, including mutual tariffs, on their business.
Construction spending in the United States:
Construction spending in the United States fell by 1.1 percent on a monthly basis to a seasonally adjusted annual rate of 1.32 trillion US dollars in June 2018, following a 1.3 percent growth in May and a 0.3 percent decline in market expectations.
US Economic Optimism:
The economic optimism index (IBD / TIPP) rose to 58.0 in August 2018 from 56.4 in the previous month, the highest level since January 2004. The six month economic outlook, a measure of how consumers feel about the outlook for the economy in the next six months, Percent to 56.8 percent. Personal financial projections, a measure of how Americans felt about their financial situation in the next six months, rose by 3.7 per cent to 65.1.
US Federal Reserve Rate:
The Fed kept its target range for the federal funds rate at 1.75 percent to 2 percent during the August 2018 meeting, in line with market expectations. Policymakers said the labor market continued to strengthen and that economic activity was rising at a strong rate, suggesting that the rate could rise at its next meeting in September. The average interest rate in the United States was 5.72 per cent from 1971 to 2018, reaching an all-time high of 20 per cent in March 1980 and 0.25 per cent in December 2008.
EUR USD technical analysis September 4, 2018
The pair is expected to find support at 1.1572 and a fall through could take it to the next support level of 1.1557. The pair is expected to find its first resistance at 1.1633, and a rise through could take it to the next resistance level of 1.1650. For today the expected trading range is between 1.1557, Support and 1.1633 Resistance.
The expected trend for today is Bearish.
Supports Levels: Support 1: 1.1565, Support 2: 1.1572, Support 3: 1.1557
Resistance Levels: Resistance 1: 1.1633, Resistance 2: 1.1650, Resistance 3: 1.1670
Previous day`s high: 1.1627
Previous day`s low: 1.1588
EUR/USD Buying Opportunity for Intraday Trading September 4, 2018
Buy near the support area 1.1572 and 1.1557 as soon as you get reversal candlesticks patterns like Hammer, Bullish Englufing, Long Leged Doji or Dragonfly Doji.
EUR/USD Selling Opportunity for Intraday Trading September 4, 2018
Sell near the resistance area 1.1633 and 1.1650 as soon as you get reversal candlesticks patterns like Shooting Star, Bearish Englufing, Long Leged Doji or Gravestone Doji.
GBP/USD Technical Analysis September 4, 2018