The Euro continues to trade around the 1.1315 support level while investors await any major event that would help them determine the next move in the pair. In general, the Single currency’s bias remains bearish due to a list of reasons, with the most notable being: diminishing risk sentiment within the investment community driving investors away from high beta currencies such as the Euro, concerns regarding the trade negotiations between the US and China as a failure to reach a deal might lead to a global economic slowdown, and finally, the ongoing anxieties relating to Brexit. Any news events related to the mentioned fundamental factors will impact today’s intra-day movements in the Euro. Moreover, the release of the ISM Non-Manufacturing PMI will also play a role in the movement of the currency from the US Dollar’s side.
The Euro continues to range around the 1.1315 support level. Momentum is also clearly bearish as prices are continuously rejecting the break above the 13-period moving average. The next leg lower will be triggered by a break below the 1.1306 support mark, paving the way for a drop towards 1.1255.
Support: 1.1306 / 1.1255
Resistance: 1.1426 / 1.1494