EUR/USD technical update
After we saw mixed PMI prints out of France and Germany, the Eurozone numbers were more of the same with a headline beat in the manufacturing number and a miss in the services:
- Eurozone Flash Manufacturing PMI: 55.1 v 54.7 expected and 54.9 previous
- Eurozone Flash Services PMI: 54.4 v 55.0 expected and 55.2 previous
Reuters is reporting the numbers as weaker than expected overall and that the weakness was a result of global economic growth slowing and the constant threat of trade wars hanging over the post-Brexit, Trump world.
So, heading into the PMI data dump, I shared my thoughts on the EUR/USD technical picture, with this extract taken from the bottom:
"From here, I'm looking for the stepping pattern to continue. Breaks of short term support levels being retested as resistance. You can already see a potential second step being created now."
Just updating the chart, you can see that after the little rip, price is now caught up retesting previous support as resistance on the hourly:
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It's not exactly strong price action after data, is it?
