Hello dear friends, today the EURUSD continues to trade stably above the 1.080 level, navigating smoothly within an ascending parallel channel after the pair successfully reversed its prior downtrend earlier this week.
Last evening, EUR/USD surged, testing the highest bid price since the beginning of February, before retreating back to the 1.0800 zone. This movement came in the wake of slightly lower or contrary-to-expected Purchasing Managers' Index (PMI) data from both Europe and the United States.
Despite this, the upward momentum remains intact with support firmly established around the 1.080 level. As long as EURUSD remains above this threshold, the next target is the upper limit of the ascending channel, also the resistance level at 1.089, as marked on the chart.
Last evening, EUR/USD surged, testing the highest bid price since the beginning of February, before retreating back to the 1.0800 zone. This movement came in the wake of slightly lower or contrary-to-expected Purchasing Managers' Index (PMI) data from both Europe and the United States.
Despite this, the upward momentum remains intact with support firmly established around the 1.080 level. As long as EURUSD remains above this threshold, the next target is the upper limit of the ascending channel, also the resistance level at 1.089, as marked on the chart.
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