NEWS: The EURUSD price is falling 0.2% after data from Germany showed that the Composite PMI declined to 48.7 in July from 50.4 in June, highlighting a contraction in the private sector's business activity and hurting the Euro.
Possible Scenarios:
If EURUSD fails to breach through S2 of 1.08203, our Research Department expects the EURUSD to undergo a short- term upward correction.
If EURUSD manages to break below its S2 of 1.08203, our Research Department expects the EURUSD to extend its losses to its S3 of 1.0808
Support and Resistance Levels:
EURUSD |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1.08080 |
1.08203 |
1.08326 |
1.08490 |
1.08654 |
1.08777 |
1.08900 |
Potential Profit or Potential Loss Calculations:
10 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €92.35 |
(+/-) £77.6 |
*1 trading lot is equivalent of 100.000 units
**EUR/USD= 1.08282
***GBP/USD= 1.28861
Calculations for exchange rate used as of Wednesday, July 24, 2024, 10:00: AM