The EUR/USD trades higher in range, having posted a lower low for the year of 1.3119 earlier on the day. As for the European session, data showed Manufacturing PMI resulted below expected, including EZ one down to 50.7; French one overcame expectations ticking up to 46.9 which continues to signal economic contraction.
Technically the 4 hours chart shows price well below its 20 SMA, currently in the 1.3170 price zone acting as intraday resistance, while indicators corrected slightly higher from oversold levels, still well into negative territory. Price pressuring the highs suggest some upward correction towards mentioned 1.3170 level, while if above the pair can extend up to 1.3205 price zone. Nevertheless, the dominant trend is bearish, with critical support now at 1.3105, September last year monthly low. With the US closed on holiday, there are little chances of a break lower for today, yet if price manages to do so, the movement can extend down to 1.3070 price zone.
View Live Chart for EUR/USD
Technically the 4 hours chart shows price well below its 20 SMA, currently in the 1.3170 price zone acting as intraday resistance, while indicators corrected slightly higher from oversold levels, still well into negative territory. Price pressuring the highs suggest some upward correction towards mentioned 1.3170 level, while if above the pair can extend up to 1.3205 price zone. Nevertheless, the dominant trend is bearish, with critical support now at 1.3105, September last year monthly low. With the US closed on holiday, there are little chances of a break lower for today, yet if price manages to do so, the movement can extend down to 1.3070 price zone.
View Live Chart for EUR/USD
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