EUR/USD: sell on the rallies
Euro zone’s PMI data came mixed, but most important ones – manufacturing PMIs from Germany and the EMU showed improvement. Market players didn’t pay attention to discouraging Italian retail sales. EUR/USD recovered to $1.2885/90. The next levels in sight are $1.2900, $1.2935 and $1.2950. Main support area’s located at $1.2820/00 and then at $1.2750 (bottom of the weekly Ichimoku Cloud).
Our favorite area to sell is at $1.2930/35 (61.8% Fibo). To retest $1.3000 euro would need to rise above $1.2965.
Chart. H4 EUR/USD