EUR/USD Loses Momentum as Market Awaits Key US Economic Data
アップデート済
The EUR/USD pair experienced a setback on Tuesday after reaching its highest level since late March, climbing above 1.0900 before closing the day in negative territory. The pair's near-term technical outlook suggests a lack of bullish momentum as attention shifts to upcoming macroeconomic data releases from the United States.
Technical Analysis Overview
In the lower timeframes, particularly on the H1 chart, EUR/USD shows a harmonic movement within an uptrend, characterized by swing highs and lower highs. Pullbacks have been consistently supported at the 61.8% Fibonacci retracement level, indicating a potentially strong base for a new bullish impulse. This technical setup suggests that a positive reaction to upcoming economic news could trigger a fresh upward movement.
Key Economic Data Releases
The focus is now on two critical economic indicators from the US: the ADP Employment Change and the ISM Services PMI for May. These releases are expected to provide significant insights into the state of the US economy and influence the EUR/USD pair's trajectory.
1. ADP Employment Change: Market expectations are for a rise of 173,000 in private sector employment for May. This report is an important gauge of the labor market's health and can affect market perceptions of the Federal Reserve's future policy moves.
2. ISM Services PMI: The ISM Services PMI is projected to recover to a reading above 50, indicating expansion, with expectations set at 50.5 for May, up from April's 49.4. A reading above 50 suggests growth in the services sector, which is crucial for overall economic performance.
Potential Market Reactions
The EUR/USD pair's movements will be significantly influenced by these data releases. Stronger-than-expected figures could bolster the US Dollar, exerting downward pressure on the EUR/USD pair. On the other hand, if the data disappoints, it could weaken the USD, providing a potential boost to the EUR/USD pair.
Conclusion
Currently, the EUR/USD pair displays a lack of sustained bullish momentum, but the upcoming US economic data could serve as a catalyst for change. Traders should pay close attention to the ADP Employment Change and ISM Services PMI releases, as they will offer crucial insights into the health of the US economy and guide expectations for future monetary policy. The technical outlook on the lower timeframes indicates a potential for a bullish impulse, provided that the economic data supports such a move. The EUR/USD pair remains at a pivotal point, with the direction likely to be shaped by the forthcoming macroeconomic indicators.
Technical Analysis Overview
In the lower timeframes, particularly on the H1 chart, EUR/USD shows a harmonic movement within an uptrend, characterized by swing highs and lower highs. Pullbacks have been consistently supported at the 61.8% Fibonacci retracement level, indicating a potentially strong base for a new bullish impulse. This technical setup suggests that a positive reaction to upcoming economic news could trigger a fresh upward movement.
Key Economic Data Releases
The focus is now on two critical economic indicators from the US: the ADP Employment Change and the ISM Services PMI for May. These releases are expected to provide significant insights into the state of the US economy and influence the EUR/USD pair's trajectory.
1. ADP Employment Change: Market expectations are for a rise of 173,000 in private sector employment for May. This report is an important gauge of the labor market's health and can affect market perceptions of the Federal Reserve's future policy moves.
2. ISM Services PMI: The ISM Services PMI is projected to recover to a reading above 50, indicating expansion, with expectations set at 50.5 for May, up from April's 49.4. A reading above 50 suggests growth in the services sector, which is crucial for overall economic performance.
Potential Market Reactions
The EUR/USD pair's movements will be significantly influenced by these data releases. Stronger-than-expected figures could bolster the US Dollar, exerting downward pressure on the EUR/USD pair. On the other hand, if the data disappoints, it could weaken the USD, providing a potential boost to the EUR/USD pair.
Conclusion
Currently, the EUR/USD pair displays a lack of sustained bullish momentum, but the upcoming US economic data could serve as a catalyst for change. Traders should pay close attention to the ADP Employment Change and ISM Services PMI releases, as they will offer crucial insights into the health of the US economy and guide expectations for future monetary policy. The technical outlook on the lower timeframes indicates a potential for a bullish impulse, provided that the economic data supports such a move. The EUR/USD pair remains at a pivotal point, with the direction likely to be shaped by the forthcoming macroeconomic indicators.
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