EUR/USD faces barricades around 1.0250 as DXY rebounds, US ISM eyed

  • EUR/USD has found an immediate hurdle around 1.0250 as DXY displays signs of recovery.
  • The US ISM Manufacturing PMI is expected to remain subdued while New Orders Index may outperform.
  • A downbeat Eurozone Retail Sales may impact the shared currency bulls.
The EUR/USD pair has sensed offers while attempting to kiss the immediate hurdle of 1.0250 in the Asian session. The asset has remained sideways in a wide range of 1.0100-1.0260 over the past two weeks and is likely to confuse the market participants further.

In today’s session, the entire focus of investors will remain on the US Institute of Supply Management (ISM) data. The ISM Manufacturing PMI is likely to shift lower to 52 from the prior release of 53. A drop in Manufacturing PMI indicates that vigorous interest rates elevation by the Fed has started displaying its consequences, however, inflation has not got caught now, which is a big reason to worry.
While the US ISM New Orders Index is warranting a decent improvement as the economic data is seen higher at 52 vs. the prior release of 49.2. This displays that the guidance for consumer spending is gaining sharply higher despite the runaway inflation.

Meanwhile, the US dollar index (DXY) has attempted a rebound near the prior week’s low of 105.54. The DXY is expected to remain subdued as recession signals in the US are accelerating.

On the eurozone front, investors are awaiting the release of the Retail Sales this week. As per the market consensus, the eurozone Retail Sales is seen at -1.6%, significantly lower than the prior release of 0.2% on an annual basis. Investors are aware of the fact that the inflation rate is accelerating and on that front, the Retail Sales data should be upbeat as the households are paying more consumption keeping the quantity constant.


Today last price1.0228
Today Daily Change0.0008
Today Daily Change %0.08
Today daily open1.022
Daily SMA201.0171
Daily SMA501.0427
Daily SMA1001.0603
Daily SMA2001.0964
Previous Daily High1.0254
Previous Daily Low1.0146
Previous Weekly High1.0258
Previous Weekly Low1.0097
Previous Monthly High1.0486
Previous Monthly Low0.9952
Daily Fibonacci 38.2%1.0213
Daily Fibonacci 61.8%1.0188
Daily Pivot Point S11.0159
Daily Pivot Point S21.0098
Daily Pivot Point S31.0051
Daily Pivot Point R11.0267
Daily Pivot Point R21.0315
Daily Pivot Point R31.0376