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EURUSD Market Analysis

2/22/2023 11:54 AM

The EUR/USD pair continues its local negative dynamics, trading at 1.0657 against conflicting macroeconomic statistics.

Yesterday, business activity indices in the leading EU economies for February were released: the indicator in the German manufacturing sector amounted to 46.5 points instead of 47.3 points earlier, and in the service sector – 51.3 points against 50.7 points. The value in the manufacturing industry as a whole in the region amounted to 48.5 points, which is slightly inferior to 48.8 points a month earlier, while the index of business activity in the services sector in the EU, on the contrary, increased to 53.0 points from 50.8 points, affecting composite indicator, which eventually corrected to 52.3 points from 50.3 points earlier. Against the backdrop of positive dynamics, the index of economic sentiment from the Center for European Economic Research (ZEW) for the EU countries was raised to 29.7 points from 16.7 points earlier.

The US dollar holds at 104.00 in the USD Index, despite a disappointing report on the real estate market: although analysts expected positive dynamics, sales in the secondary housing market fell by 0.7% to 4.00M from 4.03M earlier, marking the thirteenth consecutive month of decline.

On the daily chart, the trading instrument continues its corrective movement, holding within the global downward channel with dynamic boundaries of 1.0450–1.1200.

Technical indicators gave a sell signal: fast EMAs on the Alligator indicator began to move away from the signal line actively, and the AO histogram forms downward bars, falling below the transition level.

Resistance levels: 1.0735, 1.0900. | Support levels: 1.0600, 1.0450.

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