EURUSD is trading 0.21% lower at 1.0964 heading south for sixth consecutive sessions in a row; the pair breached the YTD lows at 1.1026 on Friday that gave bears the upper hand and accelerated the downward move making fresh 2-year lows at 1.0957. On the data front EU Markit Manufacturing PMI came in at 47 in line with expectations in August. The Germany Markit Manufacturing PMI came in at 43.50 below forecasts of 43.6 in August. France Markit Manufacturing PMI came in at 51.1 topping forecasts of 51 in August. Italy Markit Manufacturing PMI came in at 48.7, beating expectations of 48.5 in August.
Bears are in full control as the pair trades below all the major daily moving averages. Important support now stands at 1.0922 the low from May 15th 2017 and then at 1.09 psychological figure which if breached will encourage more bears to join the action and drive the price down to 1.0838 low from May 11th 2017.
On the upside immediate resistance stands at 1.0996 today’s high and then at 1.1017 the 50 hour moving average, a break above can lead prices up to 1.1051 the 100 hour moving average.Don’t miss a beat! Follow us on Telegram and Twitter.