Posted 3/5/2024, 7:37:18 PM
Mixed Economic Data Keeps EUR/USD Trading Sideways Around 1.0850
- EUR/USD stuck rotating around 1.0850 after brief rally and pullback on Tuesday following mixed economic data.
- European PMIs beat expectations but producer prices missed forecasts. US PMIs and factory orders missed.
- Technicals show EUR/USD still struggling to break 200-day moving average resistance around 1.0830.
- Data like GDP, PMIs, employment, and inflation reports influence Euro direction. Strong economy attracts investment.
- Eurozone trade balance important since positive balance signals strong exports and imports, strengthening currency.