Manufacturing PMI in Germany decreased contrary to our expectations. According to Markit Research Group the indicator showed 51.8 compared with 51.9 in the previous month (seasonally corrected). Experts expected the index at the previous level of 51.9.
The first support lies at 1.1450 and then at 1.1350. The first resistance stands at 1.1550, the next one is at 1.1650.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
We suppose the pair will go to 1.1550 first. Having overcome the first target the price might go upwards to 1.1650.