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EUR/USD: 1.1050 eyed - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair bounced from a low set at 1.1104 this Wednesday, extending up to 1.1175 before pulling back some.

Key Quotes:

"The worse-than-expected Chinese Caixin manufacturing PMI released earlier on the day kept investors in risk-aversion mode, whilst European PMIs came out below expectations, but firmly above the 50 level, suggesting growth continues steady in the region.

Ahead of the release of the US Manufacturing PMI for September, expected at 52, the USD seems to have lost partially its former strength, but majors hold near its recent lows. The EUR/USD 1 hour chart shows that the price recovered above its 20 SMA, but that the technical indicators have turned back lower after overcoming their mid-lines. In the 4 hours chart, however, the technical picture is clearly bearish, as the 20 SMA heads sharply lower well above the current price, whilst the technical indicators are slowly turning lower after correcting the oversold readings reached earlier in the day. The pair can extend its recovery up to the 1.1200 level, although as long as it holds below the level the downside will remain favored, eyeing then the 1.1050 level."

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