The DAX is nearing the big breakdown point which also coincides with the 61.8% Fibonacci retracement level of the 2022 highs to lows. Also, there were many spike lows in the "resistance zone" as well, from lows in mid 2021 through early 2022 before the breakdown. And the downtrend line also coincides with the 14820 level too, so if the market reaches for it, this could setup a a good risk/reward for shorts.
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EUR/USD stays below 1.0500 after German and EU PMI data
EUR/USD stays on the back foot and trades below 1.0500 in the European session on Friday after the data from Germany and the Eurozone showed that the economic activity in the private sector expanded at a moderate pace in February. Investors await US PMIs.
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GBP/USD retreats to 1.2650 area after mixed UK data
GBP/USD struggles to gather bullish momentum and stays near 1.2650 in the European session on Friday. Earlier in the day, the upbeat UK Retail Sales helped Pound Sterling find demand but the mixed PMI reports limited the pair's upside. Focus shifts to key US data releases.
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Gold dives lower and slips below $2,925 on Friday. The Trump administration puts lifting trade bans against Russia on the table. Traders are mulling the upcoming US preliminary S&P PMI data for February.
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US S&P Global PMIs set to show healthy services and manufacturing sector in February
The S&P Global preliminary PMIs for February are likely to show little variation from the January final readings. The Federal Reserve may resume its easing cycle in July. EUR/USD’s near-term outlook remains negative ahead of PMIs.
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