EURUSD Analysis: Euro-zone manufacturing contraction bearish for EURUSD

October 2, 2019

By IFCMarkets

Euro-zone manufacturing contraction bearish for EURUSD

Continuing contraction in euro-zone’s manufacturing sector is bearish for euro. Will the EURUSD continue falling?

EURUSD rising toward MA(200)

On 1-hour timeframe EURUSD: H1 is in downtrend, rising toward 200-period moving average MA(200) which is falling. The RSI indicator is rising above 50 level but has not reached the overbought zone yet.

Technical Analysis Summary

OrderSell
Sell stopBelow 1.0914
Stop lossAbove 1.0937

Market Analysis provided by IFCMarkets