The euro kicked off the trading week making gains against the US dollar, topping the 1.1800 mark. The EUR/USD currency pair was being driven by multiple support levels as the forex market seeks to sustain the EUR/USD price movement.

At first, there is the 23.6% Fib level at 1.1811. This is followed by the trendline support level at 1.1623. There is also the horizontal support at 1.1588, which can be seen in the figure below.

In addition to these levels of support, there is also news from IHS Markit manufacturing purchasing managers’ index (PMI) reading, which will come out on Tuesday. Forex market observers believe that the manufacturing PMI will have a continud impact on the EUR/USD pair. Economists are penciling a reading of 55.8.

In the manufacturing industry, the manufacturing PMI captures market conditions. The manufacturing PMI is an important measure of market conditions and the overall economic situation in Germany. A result above 50 is usually bullish for the EUR, while a result below 50 is bearish for pair EURUSD.

Conclusion

Given the pair’s micro-macro-economic outlook over the last few days, selling it at current levels could yield some short-term gains.