Despite improved market mood during Asian hours, the EUR/USD pair remained subdued, unable to retake the 1.0600 level. The dollar eased against all of its major rivals, after the release of mixed PMI figures in China that anyway showed that the country´s manufacturing sector remains in contraction territory.
Europe will release its Manufacturing PMIs for November during the upcoming hours, with the focus set in the German and the EU one. Later today, the US will also release its latest manufacturing data, although there is a good chance that the market will maintain the on-hold stance, ahead of the major events that will occur by the end of the week.
View the Live chart of the EUR/USD
In the meantime, the 4 hours hart presents a limited upward potential in the short term, as the price is still unable to advance above a mild bearish 20 SMA, whilst the Momentum indicator holds flat below the 100 level and the RSI indicator aims higher, but below its 50 level.
Some stability above 1.0620 is required to confirm an upward recovery towards the 1.0660 price zone, while further gains expose the 1.0700 region, where selling interest is expected to resume. The pair needs to slide below 1.0550 on the other hand to extend its intraday decline, down to 1.0500/10.
Latest updates on the EUR/USD Forecast
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