EUR/USD oscillates above 1.0500 as focus shifts to US Durable Goods Orders

FXStreet · 24 Jun 2022 427 Views
  • EUR/USD has turned sideways after a vulnerable Eurozone/US PMI performance.
  • Investors are keeping an eye on the release of the US Durable Goods Orders for further guidance.
  • The asset has displayed a balanced market profile this week, which may bring an imbalance action further.

The EUR/USD pair has turned sideways to 1.0520 after facing barricades around 1.0550 in the New York session. In this entire week, the asset has displayed topsy-turvy moves in a range of 1.0444-1.0606 despite the availability of potential triggers, which were able to provide a decisive move to the asset. On Thursday, the major was expected to deliver an upside break of the consolidation range, however, the downbeat eurozone Purchase Managers Index (PMI) data weighed pressure on the shares currency bulls near the round-level resistance of 1.0600.

The IHS Markit reported the Composite PMI at 51.9, much lower than the estimates of 54 and the prior print of 54.8. Separate scrutiny of Manufacturing and Services PMI also displayed a vulnerable performance. The Manufacturing PMI landed at 52, significantly lower than the estimates and the prior print of 53.9 and 54.6 respectively. Also, the Services PMI released extremely lower at 52.8 than the consensus of 55.5 and the former figure of 56.1.

Meanwhile, the US dollar index (DXY) is following the footprints of the EUR/USD pair and has turned rangebound around 104.41 on lower-than-expected PMI data. The Manufacturing and Services PMI have landed at 52.4 and 51.6 respectively, however, their forecasts and prior prints were significantly higher.

Going forward, investors will keep an eye on the release of the US Durable Goods Orders, which are due on Monday. As per the market consensus, the economic data may improve to 0.6% from the prior print of 0.5%. This indicates a higher demand for those goods, which will last for at least three years.


Today last price 1.0522
Today Daily Change -0.0045
Today Daily Change % -0.43
Today daily open 1.0567
Daily SMA20 1.0613
Daily SMA50 1.0615
Daily SMA100 1.0866
Daily SMA200 1.115
Previous Daily High 1.0606
Previous Daily Low 1.0469
Previous Weekly High 1.0601
Previous Weekly Low 1.0359
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.0553
Daily Fibonacci 61.8% 1.0521
Daily Pivot Point S1 1.0489
Daily Pivot Point S2 1.041
Daily Pivot Point S3 1.0352
Daily Pivot Point R1 1.0626
Daily Pivot Point R2 1.0684
Daily Pivot Point R3 1.0762