EUR/USD Analysis Today 23/04: Awaiting PMI Readings (Chart)

(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

• General Trend: Remains Bullish.
• Today's EUR/USD Support Points: 1.1340 – 1.1260 – 1.1190, respectively.
• Today's EUR/USD Resistance Points: 1.1470 – 1.1560 – 1.1680, respectively.

EUR/USD Trading Signals:

• Sell EUR/USD from the resistance level of 1.1480, with a target of 1.1300 and a stop loss of 1.1570.
• Buy EUR/USD from the support level of 1.1290, with a target of 1.1520 and a stop loss of 1.1180.

Ahead of the announcement of the Purchasing Managers' Index (PMI) readings for the manufacturing sectors of the eurozone's largest economies this morning, Wednesday, starting at 9:15 AM Cairo time for the French readings for the manufacturing and services sectors, followed by the German readings for the same indicators at 9:30 AM Cairo time, and then the PMI readings for the manufacturing and services sectors for the entire bloc at 10:00 AM Cairo time. The euro/US dollar (EUR/USD) is maintaining its upward trajectory despite its decline today to near the 1.1300 level. However, performance is normal within its upward range after testing the 1.1575 resistance level, the highest level for the currency pair since 2022. The euro/dollar price is currently stable around the 1.1390 ​​resistance level at the time of writing Tips:

The EUR/USD trend remains bullish, but carefully monitor the factors supporting its continued gains to avoid sudden profit-taking selloffs.

According to today's trading and via stock trading platforms, major European stock markets have risen, with both the STOXX 50 and STOXX 600 indices increasing by about 1%, benefiting from the previous session's gains and momentum from broadly positive global sentiment. Investors were relieved after US President Trump stated he does not plan to fire Federal Reserve Chairman Jerome Powell, easing concerns about the politicization of US monetary policy. Hopes for easing trade tensions between the US and China also boosted sentiment, following statements from both President Trump and Treasury Secretary Scott Bessent.

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On the corporate front, SAP shares jumped about 10%, ranking among the top performers, after the company reported a 60% year-on-year increase in operating profit, exceeding expectations. Conversely, Volvo shares fell by 1% after the company announced a 7% decrease in net sales for the first quarter of 2025, due to uncertainty surrounding global tariffs.

EURUSD Chart by TradingViewEUR/USD Technical Analysis Today:

According to the performance on the daily timeframe chart, the overall trend for the EUR/USD currency pair remains bullish. A primary break of the trend on this timeframe will not occur without the bears moving the pair towards the support levels of 1.1270 and 1.1190 first. The 14-day Relative Strength Index (RSI) is returning below the 70 reading, which indicates overbought conditions, while the MACD indicator remains near overbought levels. Keep in mind that a return to stable EUR/USD trading above the 1.1400 resistance will continue to technically support the bulls in controlling the trend EUR/USD bullish scenario:

Continued global trade tensions will continue to support investors moving away from the US dollar, thus providing good opportunities to keep the EUR/USD price bullish. Financial markets will continue to closely monitor Trump's trade wars; negotiation phases are ongoing, but investors await tangible results. The nearest resistance levels for EUR/USD are now 1.1400, 1.1475, and 1.1550 respectively EUR/USD bearish scenario:

The overall trend of the EUR/USD pair, as shown on the daily chart, will not turn bearish without moving towards the psychological level of 1.1000 again. This would require the US dollar to recover from its sharpest losses in 3 years and for Trump to abandon his trade wars, which weaken forecasts for the future of global economic recovery, increase investor fears, and disrupt financial markets.

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