FXStreet (Córdoba) - The EUR/USD failed to hold above the 1.3600 level and fell to fresh daily lows during the European session, weighed by disappointing Markit PMI and the decline in equities.

EUR/USD slips below 100-hour SMA

The EUR/USD, that peaked at 1.3612 earlier on the day, came under pressure after the Markit manufacturing PMI came in at 52.8 versus 53.2 the previous month and 53.3 expected. the EUR/USD slid below the 100-hour SMA and hit a daily low of 1.3578 in recent dealings.

EUR/USD technical perspective

From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD holds a neutral tone, trading within familiar ranges. According to Bednarik, it will take a clear break through 1.3510 to confirm some bearish momentum, eyeing then 1.3475. “Steady gains above 1.3612 on the other hand, may see price advancing up to 1.3640/50 area, albeit further gains are not seen at the time being”.

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center