$EURUSD Forex Signal: Technical Point to a Bearish Continuation
It remained at the important support level at 1.0660, which was a few points above last Friday’s low of 1.0612.S&P Global published relatively encouraging economic numbers from Europe and the United States on Tuesday. In Europe, flash services PMI numbers rose from 50.8 to 53, signaling that service providers continued their recovery in February. The composite PMI rose from 50.3 to 52.3 even as the manufacturing PMI retreated.
There will be several important economic numbers on Wednesday. Germany, Italy, and Spain will publish their final estimate of January’s inflation numbers. While these numbers are important, they will not have a major impact on the pair since they will likely be in line with the first estimate. Germany will publish the latest business sentiment data.
. Historically, they provide more information compared to the single-page document that accompanies the report.trend after peaking at 1.1033 on February 3. During this retreat, the pair has moved below the 50-period moving average and the Woodie pivot point. It has also formed a slanting head and shoulders pattern while the current price coincides with the lowest point on February 13.
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