PMIs eyed as EUR/USD rebounds from support by FP_markets pmi eurusd
was in the spotlight on Wednesday, testifying on the Semi-Annual Monetary Policy Report before the Senate Banking Committee. Powell reaffirmed his commitment to tame inflation pressures, and also acknowledged the risk of recession, though had little to say on the future of interest rate hikes. Major US equity indexes rose on the session, while US yields navigated lower across the curve. The safe-haven greenback pushed lower and EUR/USD consequently caught a relatively healthy bid.
Looking across to the H4 and H1 charts at the moment, price recently whipsawed under $0.69 into H1 prime support at $0.6863-0.6892 during European hours yesterday. This was a noted setup to be aware of in Wednesday’s technical briefing: Against current weekly resistance, nonetheless, scope to advance is seen on the daily chart to Quasimodo support-turned resistance at ¥139.55. This implies that the H4 decision point from ¥134.49-135.43 could welcome price action, which happens to hold the ¥135 figure within on the H1 timeframe.Given there is a clear H4 decision point at ¥134.49-135.
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