EUR/USD: Broader Downtrend Firmly Intact

The broader downtrend in the EUR/USD remains firmly intact, with the recent close back below the 100-Day SMA ending a period of corrective activity, setting the stage for the next major downside extension towards 1.0900. Look for a fresh lower top in place at 1.1367, while ultimately, only a daily close back above the 100-Day SMA delays the bearish outlook.

EUR/USD

  • R2 1.1301 – Figure– Medium
  • R1 1.1255 – 2Sep high – Strong
  • S1 1.1122 – 31Aug low – Medium
  • S2 1.1044 – 5Aug low – Strong

EURUSD – fundamental overview

Not much movement in the euro since pulling back after last Friday’s US employment report. It seems that while the US data was softer, the Euro is still concerned with the possibility the data wasn’t soft enough to eliminate the possibility of a Fed rate hike this month. Meanwhile, Monday’s round of Eurozone data was less than impressive, which could be further contributing to the single currency’s offered tone. Looking ahead, German factory orders, Eurozone GDP and US ISM non manufacturing are the key standouts.

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