20 February 2024, EUR/USD
EURUSD:
The EUR/USD pair is trading below 1.0800 during Asian hours on Tuesday with positioning above immediate support at the psychological level of 1.0750. A break below this level could have the euro-dollar pair targeting further support area around the 1.0700 level, in conjunction with the February low of 1.0694 seen on February 14.
The February European Consumer Confidence Index, which will be released on Wednesday, is expected to rebound to -15.6 from -16.1. The 14-day Relative Strength Index (RSI) is below the 50 mark, indicating bearish momentum.
Thursday's economic calendar is packed with pan-European and US PMIs due for release during the day. The Eurozone Composite PMI for February is expected to rise to 48.5 from the previous reading of 47.0, but is still in contraction territory below 50.0 for the ninth consecutive month.
The S&P US PMI is expected to soften slightly, with the February manufacturing PMI expected to fall to 50.5 from 50.7.
Trade recommendation: At the price level below 1.0755 we consider sell orders
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