EURUSD Analysis: Contracting service sector in euro-zone bearish for EURUSD

May 6, 2020

By IFCMarkets

Contracting service sector in euro-zone bearish for EURUSD

Euro-zone’s Service PMI final reading confirmed the sector continued contracting: Markit report indicated the services PMI ticked up to 12 after falling to 11.7 in March. Readings above 50.0 mean industry expansion, below indicate contraction. This is bearish for EURUSD.

IndicatorVALUESignal
RSINeutral
MACDNeutral
Donchian ChannelNeutral
MA(200)Sell
FractalsSell
Parabolic SARSell

 

Summary of technical analysis

OrderSell
Buy stopBelow 1.0781
Stop lossAbove 1.0841

Market Analysis provided by IFCMarkets