The EUR/USD decisively broke below 1.0760 and tumbled to as low as 1.0706, marking the lowest level since June. The pair maintains a bearish bias due
The Euro lags behind after a downward revision to Eurozone Services PMIs.decisively broke below 1.0760 and tumbled to as low as 1.0706, marking the lowest level since June. The pair maintains a bearish bias due to a stronger US Dollar and concerns over the Eurozone's economic outlook.climbed towards 105.00, reaching its highest level in nine months. Meanwhile, the Euro has been negatively affected by downward revisions to the September PMIs. The Eurozone's Service PMI came in at 47.
On Wednesday, Germany will release Factory Orders data, and the Eurozone will release Retail Sales figures. In the US, the ISM Services PMI is due. The latest round of US data suggest that Federal Reserve officials can keep the possibility of more rate hikes open. Federal Reserve Governor Christopher Waller stated on Tuesday that data will determine whether further rate hikes are needed, and he would require more information to conclude that the Fed is done raising rates.
On the 4-hour chart, the pair is attempting to stabilize around 1.0720. Such an outcome would favor a consolidation phase between 1.0740 and 1.0700 in the next session. Above 1.0740, the next resistance level stands at 1.0780. An approximation to that area in the short term would be viewed as corrective. If the pair falls below 1.0700, the next support level is located at 1.0670.
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