EUR/USD has been in a non-volatile up trend since the bounce from 1.0550 support level. Currently the price is correcting below the resistance of 1.0800. Today is quite a positive day for EUR having French Flash Manufacturing PMI at 53.4 which was expected to be at 52.4, French Flash Services report at 58.5 which was expected to be at 56.2, German Flash Manufacturing PMI at 58.3 which was expected to be at 56.6 and the German Flash Services report was positive with 55.6 which was expected to be at 54.5. Overall EUR is quite strong fundamentally today against all other currencies today. On the other hand, USD Core Durable goods orders report is going to be published today which previously was at 0.0% but today it is expected to see a rise of 0.5%. During the USD event, the market is expected to show some volatility and USD may act stronger than EUR for the time being.
Now let us look at the technical view, the price has reached the resistance at 1.08 and has already been rejecting and correcting off the level. The pair is also going under a Negative Divergence Module, where the MACD is showing downward movement and price is going upwards. Any bullish rejection off the level and a daily close below 1.08 will open the gates for the sellers to put pressure in the market and push the price lower towards 1.0640-50 support area.
