This article offers a detailed analysis of EUR/USD and EUR/GBP, considering both fundamental and technical aspects. It investigates essential factors that are likely to drive price changes in the upcoming trading sessions.
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In contrast, disappointing factory activity in Europe dragged the single currency. According to HCOB, the eurozone's final manufacturing PMI sank further into contractionary territory last month, sliding to 43.4 from 43.5 in August, a sign that the sector is trapped in a sharp downturn that may preclude additional ECB tightening.weakness in the short term.
After the recent pullback, EUR/USD has dropped towards an important support zone near the 1.0500 psychological level. While the pair could bottom out in this region before rebounding, a breakdown could accelerate downside pressure, setting the stage for a move towards 1.0406, the 50% Fibonacci retracement of the Sept 2022/Jul 2023 rally. On further weakness, the focus shifts to 1.0350.
Ranging markets can be predictable and easy to trade at times. The key idea revolves around establishing a short position when the price nears resistance, in anticipation of a retracement, or going long at technical support levels, with hopes of a potential rebound.are sitting slightly below the upper boundary of the horizontal range at 0.8700, where a key trendline aligns with the 200-day simple moving average.
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