logo |

News

    Home   >     Industry    >     Main body

    EUR/USD Mid-Session Technical Analysis for May 3, 2021

    Abstract:The direction of the EUR/USD on Monday is likely to be determined by trader reaction to 1.2038.

      The Euro is trading higher as Euro Zone factory activity growth surged to a record high in April, boosted by burgeoning demand and driving a rise in hiring, although supply constraints led to an unprecedented rise in unfulfilled orders, a survey showed.

      While a third wave of coronavirus infections in Europe has forced some governments to shutter much of their dominant service industries, factories have largely remained open, Reuter said.

      At 12:03 GMT, the EUR/USD is trading 1.2046, up 0.0025 or -0.21%.

      IHS Markit‘s Final Manufacturing Purchasing Manager’s Index (PMI) rose to 62.9 in April from Marchs 62.5, albeit below the initial 63.3 “flash” estimate but the highest reading since the survey began in June 1997.

      At 14:00 GMT, the U.S. will report ISM Manufacturing PMI. The report is expected to come in at 65.0, up from 64.7.

      The EUR/USD could reverse to the downside if the US PMI number is greater than expected since investors are betting on one economy being stronger than the other economy.

      Daily EUR/USDDaily Swing Chart Technical Analysis

      The main trend is down according to the daily swing chart. The trend turned down on Friday when sellers took out the previous swing bottom at 1.2056.

      The main trend will change to up on a trade through 1.2150. On the downside, the next key target is the 1.1994 main bottom.

      The short-term range is 1.2243 to 1.1704. The EUR/USD is currently straddling its Fibonacci level at 1.2038. Its 50% level at 1.1974 is additional support.

      The main support zone is 1.1976 to 1.1888.

      Daily Swing Chart Technical Forecast

      The direction of the EUR/USD on Monday is likely to be determined by trader reaction to 1.2038.

      Bullish Scenario

      A sustained move over 1.2038 will indicate the presence of buyers. The first upside target is a minor pivot at 1.2082. Since the main trend is down, sellers could come in on the first test of this level. Overcoming it, could drive the common currency into 1.2150 over the short-run.

      Bearish Scenario

      A sustained move under 1.2038 will signal the presence of sellers. This could trigger a break into the intraday low at 1.2013, followed by the main bottom at 1.1994 and a support cluster at 1.1976 – 1.1974.

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.