The EUR/USD pair bounced from a three-month low posted at 1.0705 on Tuesday as the US Dollar strengthened on the back of a sour mood. Concerns about
Financial markets remained on the back foot throughout the first half of Wednesday, with European indexes falling on the back of tepid local data. German Factory Orders plummeted in July, declining by 11.7% MoM and 10.5% on a yearly basis. Furthermore, Euro Zone Retail Sales fell 0.2% MoM in July, further hinting at stagnation in the EU. published MBA Mortgage Applications for the week ended September 1, which were down 2.9%.
After Wall Street’s opening, S&P Global will release the final estimate of the US August Services and Composite PMIs, while the country will release the ISM Services PMI for the same month, foreseen at 52.5, slightly below the previous 52.7.The EUR/USD pair trades in the 1.0730 price zone, and despite the intraday bounce, the risk remains skewed to the downside. In the daily chart, the pair comfortably develops below all its moving averages.
The 4-hour chart shows that the 20 SMA has extended its slide below the longer ones, now acting as dynamic resistance at around 1.0770. At the same time, the Momentum indicator turned lower within negative levels, while the Relative Strength Index indicator consolidates around 34, all of which suggests bears are willing to push the pair to fresh lows.
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