EUR/USD attempts to regain the upward direction post losses registered in the previous session due to weaker Eurozone PMI and upbeat S&P Global PMI fr
EUR/USD aims to retrace the recent losses despite adverse PMI data. RSI indicates a bearish momentum; MACD suggests a momentum shift. 23.6% Fibonacci retracement at 1.0643 emerges as the barrier followed by the monthly high. om the United States . The preliminary HCOB Composite PMI for the eurozone declined to 46.5 in October, down from 47.2 in September. This marks the sixth consecutive reading below 50, indicating a persistent slowdown. The Manufacturing PMI dropped to 43.
A break above the latter could open the doors for the EUR/USD pair to explore the region around the 1.0750 psychological level. On the downside, the EUR/USD pair could meet the support around the 14-day Exponential Moving Average at 1.0586, followed by the 1.0550 psychological level. The Moving Average Convergence Divergence line positions below the centerline, indicating that the short-term average is below the long-term average.
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