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At first glance, preliminary estimates of PMIs in Europe turned out to be very good. At 55.6, the services Purchasing Managers' Index hit a 10-month high in March, up from 52.7 in February, with a forecast of 52.3 points. In other words, it should have declined, but instead it rose. Due to that the flash composite output index, which should have decreased from 52.0 to 51.3 points, rose more-than-expected to 54.1 in March. Only the manufacturing PMI fell to a four-month low of 47.1 from 48.5 in the previous month, though it should have increased to 49.8 points. To a certain extent this was what prevented the euro from rising further.
Composite PMI (Europe):
And after the opening of the US trading session, the euro fell, because in America, not only were the same PMIs better than forecasts, in fact, they turned out to be much better. The US Manufacturing PMI in March was 49.3 points, up from the previous value of 47.3 points. It was expected to have fallen to 47.0 points. Meanwhile, the Services PMI jumped to 53.8 points instead of increasing from 50.6 to 51.0. As a result, the composite purchasing managers index rose from 50.1 points to 53.3 points, with a forecast of 49.0 points.
Composite PMI (United States):
Today, the macroeconomic calendar is completely empty and the market is likely to consolidate around the reached values.
The euro entered a bearish correction after it sharply rose last week. The pair broke through a resistance level of 1.0800. As a result, the volume of short positions increased.
On the four-hour chart, the RSI downwardly crossed the 50 middle line, thus reflecting bearish sentiment among traders.
On the same chart, the Alligator's MAs are intertwined, signaling a slowing bull cycle. On the one-day chart, the Alligator's MAs are still headed upwards.
Outlook
Based on the corrective phase, its scale has already reached the possible limit. Therefore, the euro can still recover and climb above 1.0800. However, in case the bearish sentiment persists, and the quote stays below 1.0700, the market situation may still change.
The complex indicator analysis points to a correction in the short-term and intraday periods.
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