CB Consumer data is due for release later today. Ahead of the data release, ADS Securities shared their CB Consumer Confidence EURUSD outlook.
25 July, ADS Securities – The Euro traded lower against the US Dollar in the prior session, on the back of weaker-than-expected July manufacturing and services PMI from the Eurozone and Germany. Moreover, economic activity in the Eurozone tumbled to its lowest level in six months for July.
CB Consumer Confidence EURUSD outlook
As of now, the pair is trading with an upside bias on the 1H chart, indicating at the bullish momentum in the coming session. In addition, a possible centreline crossover by the MACD indicator to trade in the positive region, further endorses the above stance.
Important technical resistance is located at the 1.1685 level, followed by the crucial 1.1720 and 1.1750 levels. A break above the latter might trigger strength in the pair. On the contrary, key support is aligned at the 1.1625 level, followed by the 1.1590 and 1.1555 levels.
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