EUR/USD looks offered in new cycle lows in sub-0.9900 levels – by pabspiovano EURUSD Currencies Majors
Germany final Services PMI came at 47.7 in August.Sellers returned to the European currency and dragsEUR/USD weaker on USD-strength, prudent ahead of ECB
In the docket, final figures saw the Services PMI in Germany at 47.7 in August and 49.8 in the broader Euroland. Later in the session, Retail Sales in the euro area will close the dailyEUR/USD remains well under pressure and breaches the 0.9900 mark to flirt with levels last seen nearly 20 years ago.
: Continuation of the ECB hiking cycle. Italian elections in late September. Fragmentation risks amidst the ECB’s normalization of its monetary conditions. Impact of the war in Ukraine and the persistent energy crunch on the region’s growth prospects and inflation outlook.So far, the pair is losing 0.39% at 0.9912 and the breach of 0.9877 would target 0.9859 en route to 0.9685 . On the other hand, there is an initial up barrier at 1.0090 ahead of 1.0192 and then 1.0202 .