FxWirePro- EURUSD Trade Idea

EUR/USD pared some of its gains after upbeat US PMI data.  It hits  a intraday  low  of 1.13277 and currently trading around 1.13567.

In April 2025, S&P Global Flash US Manufacturing PMI increased to 50.7, the fourth month of expansion in a row, supported by increasing domestic demand and output growth, suggesting that despite falling export orders due to tariffs, the sector was continuing to improve. Meanwhile, the US Services PMI fell sharply to 51.4, the second-lowest in a year, due to weakening new orders amid client hesitation and an uncertain economic environment. Both sectors experienced a rise in input prices, with manufacturing registering the fastest speed of acceleration since August 2022, leading to higher output prices, while service firms trimmed on hiring. Confidence in manufacturing and service businesses eased, led by concern about rising costs, supply, and economic policy uncertainty.

Technical Analysis of EUR/USD

The pair is holding  above short and  long term moving average in the 4-hour chart. Near-term resistance is seen at 1.140; a break above this may push the pair to targets of 1.1450/1.1500/ 1.1570/1.1600.  Major bullish momentum is likely only if prices can break above 1.160 targets 1.1660. On the downside, support is seen at 1.1300 any violation below will drag the pair to 1.1270/1.1240/1.1150/1.11000/1.10840/1.1000.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Bearish

Average Directional Movement Index (ADX) - Neutral

 It is good to buy on dips around 1.1300 with a stop-loss at 1.1245 for a target price of 1.160.