EURUSD | Technical Outlook After German Flash Manufacturing PMI
Market Overview
EURUSD remains in a strong short- to medium-term bullish structure, supported by higher highs and higher lows across the H1, H4, and Daily timeframes. The release of the German Flash Manufacturing PMI triggered a brief volatility spike, but price action suggests the market is absorbing the data without disrupting the broader uptrend.
The pair continues to consolidate near recent highs, indicating healthy digestion of gains rather than distribution.
Impact of German Flash Manufacturing PMI
The PMI release caused short-term volatility, but no decisive bearish rejection has formed so far. This suggests:
- The data was either broadly in line with expectations
- Any negative surprise has been partially priced in
As long as EURUSD holds above key intraday support, the bullish structure remains intact, with buyers still in control.
Key Resistance Levels
EURUSD is currently trading just below a critical resistance zone:
1.1755 – 1.1760
This area has capped recent advances on multiple timeframes.
A confirmed breakout above 1.1760 would likely open the way toward:
- 1.1790
- 1.1820 (major upside target)
Momentum remains constructive, but price needs a clean break to accelerate higher.
Key Support Levels
Immediate support is located at:
1.1730 – 1.1720
This zone aligns with intraday structure and short-term moving averages.
A deeper pullback could test:
- 1.1700 (psychological and structural support)
- 1.1675 (H4 trend support)
As long as price holds above 1.1700, pullbacks are viewed as corrective rather than trend-reversing.
Outlook
Bullish Scenario (Primary)
- Price holds above 1.1720
- Buyers defend pullbacks
- Break above 1.1760 targets 1.1790 – 1.1820
This scenario aligns with the dominant H4 and Daily uptrend.
Bearish Scenario (Alternative)
- Failure to hold 1.1700
- Strong bearish follow
- Pullback toward 1.1675
This would represent a deeper correction, not a confirmed trend reversal unless daily structure breaks.
Overall Outlook
EURUSD remains technically bullish, with the German Flash Manufacturing PMI introducing volatility but not invalidating the prevailing trend. The market is consolidating near resistance, suggesting it is waiting for either:
- A catalyst-driven breakout above 1.1760, or
- A controlled pullback toward support before the next leg higher
Bias remains bullish while above 1.1700, with price action around resistance guiding the next move
