US preliminary S&P Global PMIs Overview

The preliminary United States (US) S&P Global Purchasing Managers’ Index (PMI) data for February is due for release on Friday at 14:45 GMT.

S&P Global is expected to report that the US Composite PMI expanded at a faster pace due to higher output from both the manufacturing and services sectors. In January, the Composite PMI came in at 53.

According to flash estimates, the Manufacturing PMI will come in at 52.6, higher than 52.4 in January. The Services PMI, which gauges service-sector activity that accounts for the two-third of the economy, is seen higher at 53 from the previous reading of 52.7.

Investors will closely monitor the private sector PMI data to gauge the current state of economic demand.

How could US flash PMI affect EUR/USD?     

During the press time, EUR/USD trades marginally down near 1.1765. Earlier in the day, the major currency pair recovered its Asian session losses in European trading hours, following the release of the upbeat Eurozone and German flash HCOB PMI data for February.

In the daily chart, EUR/USD trades close to its key support level of 1.1766. The 20-day Exponential Moving Average (EMA) has rolled over to 1.1818, and price holds beneath it, keeping rebounds capped. The flattening slope after an earlier ascent signals fading upside momentum.

The 14-day Relative Strength Index (RSI) at 45 has retraced from overbought levels of above 70.00, signaling weakening momentum.

Going forward, a close back above the 20-day EMA would ease pressure and open a recovery path towards the February 11 high of 1.1927. Failure to reclaim it would keep the risk skewed to the downside, with the January 22 low of 1.1670 as a key support level.

(The technical analysis of this story was written with the help of an AI tool.)