EURUSD

The EUR/USD pair continues to remain under pressure due to optimism in the dollar index and strong demand against the dollar. The preliminary Manufacturing and Services PMI data to be released during the day may influence the direction of the pair. On the other hand, the expectations that the BoE and Fed could make a total of a half-point rate cut in the remaining period of the year, while the ECB could conclude the year with a quarter-point cut, are also being priced into the markets. These developments may support the continuation of a negative scenario for the EUR/USD pair.

From a technical perspective, the EUR/USD pair is trading near the 1.0705 support level. As long as the pair continues to stay below the 34-period average at the 1.0830 level, it may maintain the weak reaction and strong trend theme. In downward movements, the 1.0675 and 1.0638 support levels can be followed. In upward movements, the resistance levels of 1.077 and 1.08 should be monitored. The RSI indicator is at the level of 48, presenting a neutral outlook. A 0.12% decline compared to the previous day is observed in the pair.