EUR/USD broke higher on Thursday, testing its highest bids since the start of February before falling back into the 1.0800 region after European and US Purchasing Managers Index (PMI) figures softened or came in mixed on forecasts. The Pan-European Composite PMI ticked higher, but the Manufacturing component fell back once again, and US PMIs also gave a mixed showing. Friday brings final German Gross Domestic Product (GDP) figures, and the US Federal Reserve (Fed) will be releasing its Monetary Policy Report to wrap up the trading week. Investors will be gearing up for next week’s US GDP print due next Wednesday, followed by Thursday’s EU Consumer Price Index (CPI) inflation figures alongside US Personal Consumption Expenditure (PCE) numbers.
EUR/USD’s bullish push on Thursday has the pair on pace to secure its seventh consecutive bullish close as long as Euro (EUR) bidders keep the pressure up, and the pair is finding intraday technical support from the 200-hour Simple Moving Average (SMA) near 1.0770. The immediate ceiling is parked at the 1.0900 handle with the pair supported from 1.0800. Thursday’s bull run and subsequent slide has the EUR/USD facing a technical rejection from the 200-day SMA at 1.0827, and it’s a bidders’ ballgame to lose as the pair stumbles on the low side of recent consolidation between 1.0900 and 1.0850.
