• EUR/USD trades deep in negative territory below 0.9800.
  • Safe-haven flows continue to dominate the financial markets ahead of the weekend.
  • DXY holds above 112.00 ahead of S&P Global PMI data.

EUR/USD erased a small portion of its daily losses after having touched its lowest level in two decades at 0.9737 earlier in the day. The pair was last seen trading at 0.9770, where it was still down 0.65% on a daily basis. For the week, EUR/USD is down over 2%.

The data from the euro area and Germany showed that the business activity in the private sector continued to contract at an increasing pace in early September. S&P Global Composite PMI for the eurozone and Germany declined to 48.2 and 45.9, respectively.

Meanwhile, the dollar continued to benefit from safe-haven flows and put additional bearish pressure on EUR/USD. At the time of press, the Euro Stoxx 600 Index was down 2% on the day and the US stock index futures were losing between 1.1% and 0.9%.

Later in the session, S&P Global will release the Manufacturing and Services PMI data for the US. Inversors expect the Services PMI to remain well below 50 and see the Manufacturing PMI holding above 51. 

Finally, FOMC Chairman Jerome Powell will speak at the virtual Fed Listens event hosted by the Federal Reserve Bank of Dallas at 1800 GMT.

Technical levels to watch for

EUR/USD

Overview
Today last price 0.9771
Today Daily Change -0.0060
Today Daily Change % -0.61
Today daily open 0.9831
 
Trends
Daily SMA20 0.9978
Daily SMA50 1.0088
Daily SMA100 1.0292
Daily SMA200 1.0703
 
Levels
Previous Daily High 0.9908
Previous Daily Low 0.9807
Previous Weekly High 1.0198
Previous Weekly Low 0.9945
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci 38.2% 0.9845
Daily Fibonacci 61.8% 0.9869
Daily Pivot Point S1 0.9789
Daily Pivot Point S2 0.9748
Daily Pivot Point S3 0.9689
Daily Pivot Point R1 0.989
Daily Pivot Point R2 0.9949
Daily Pivot Point R3 0.999

 

 

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