The EU economic downturned continued during November according to the latest Markit PMI readings, keeping the EUR/USD capped below recent highs in the 1.3120/30 area. Quoting below 1.3100 and breaking the base of the ascendant channel coming from 1.2879, the hourly chart shows an increasing bearish momentum that suggests bearish movement is underway. Immediate support comes at 1.3070, and once below, the slide may accelerate towards 1.3020/30 area. With Central Banks and NFP in the upcoming days, range should remain limited today and falls below 1.3000 seem unlikely.
As for the upside, only a break above recent highs around 1.3130, will favor a continuation rally targeting then the 1.3170/5 area, past September highs.View Live Chart for EUR/USD