By IFCMarkets
Euro-zone manufacturing contraction slowing bullish for EURUSD
Euro-zone manufacturing activity contraction slowed in July, but producer prices rose less than expected. Will the EURUSD continue declining?
A look at the price chart on 1-hour timeframe shows EURUSD: H1 is still trading sideways. The price is below the 50-period moving average MA(50) which is falling. And the RSI is below 50 after bouncing off from level 20 without breaching into oversold zone. There is no trend yet formed, traders have to decide when would be a best time to enter the market.
Market Analysis provided by IFCMarkets