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”.