Home Event PMI — the main release of the day

PMI — the main release of the day

04.07.2018

Tool: EURUSD

Position: Sell

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The main publication that the market will focus on during European session is this June’s PMI. By the time of the writing, the factual index was known and it was estimated at 54.9 against 54.8 forecast. Looks like this slight improvement of the data won’t be able to support the pair’s future growth, where from a tehcnical perspective, a descending correction has been ready to form. However, at a given moment, we can expect that the descending move will be limited by the support level of 1.1632, where it is rational to open purchases with a target to grow within the ascending channel towards 1.1730.

Stop-loss can be no more than 20 points and will be set at the level of 1.1610. Looking further ahead, we want to note that it is rational to open sellings of the pair from the zone of 1.1740-1.1765 as part of a descending trend of the old time while expecting publication of the hawkish protocols FOMC tomorrow.

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PMI — the main release of the day

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