EURUSD

The EURUSD pair continues to remain under pressure due to the positive price movements observed in the dollar index. Today’s Manufacturing and Services PMI data could influence the course of the pair. Additionally, the upcoming US elections and expectations of a Fed rate cut are also in focus for the markets. The strong dollar continues to exert downward pressure on the EURUSD pair. While the ECB is expected to cut rates for the rest of the year, the scenario of a weak euro and a strong dollar remains on the agenda.

Technically, the EURUSD pair is trading below the 34-period average at the 1.0830 level, supporting the weak response/strong trend theme. In the pair’s downward movement, the supports at 1.0780, 1.0735, and 1.0690 can be observed as significant levels. Particularly, the 1.0780 level may play a critical role in terms of corrective buying or trend rally. In potential recoveries, the 1.0830 level should be monitored as short-term resistance, and if it sustains above this level, there is potential for the movement to extend to the 1.0940 – 1.0990 region. The RSI indicator is at the 50 level, exhibiting a neutral outlook. The pair seems to have experienced only a slight depreciation compared to the previous day.