Key Points
- The Euro moved higher during the past few sessions and settled above 1.1500-20 against the US Dollar.
- There is a key bullish trend line with support at 1.1510 forming on the hourly chart of EURUSD.
- Recently in the US, the Empire State Manufacturing Survey for July 2017 was conducted by the Federal Reserve Bank of New York.
- The outcome was below the forecast, as the index declined from 19.8 to 9.8.
EURUSD Technical Analysis
There Euro gained heavy bids recently and managed to move above the 1.1500-20 resistance against the US Dollar. The EURUSD is currently placed well above the 1.1520 support and the 21 hourly simple moving average.
It recently made a new weekly high at 1.1541 and corrected towards the 23.6% Fib retracement level of the last wave from the 1.1438 low to 1.1541 high.
On the downside, the pair remains supported above 1.1520. There is also a key bullish trend line with support at 1.1510 forming on the hourly chart. So, if there is a correction towards 1.1520-10 in the short term, buyers may take a stand.
NY Empire State Manufacturing Index
Recently in the US, the Empire State Manufacturing Survey for July 2017 was conducted by the Federal Reserve Bank of New York. The market was positioned for a decline from the last reading of 19.8 to 15.0.
The actual result was below the forecast, as the index declined from 19.8 to 9.8. The report mentioned that:
The new orders index moved down to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments continued to grow, though at a somewhat slower pace than in June.
Overall, the EURUSD pair looks set for more gains and it may easily break 1.1540 for a test of 1.1580 in the near term.
