The EUR/USD pair fell through the August low and trades at levels last seen in June as demand for the US Dollar picked up amid a worsening mood. Data
Goldman Sachs said chances of the US sliding into recession decreased.pair fell through the August low and trades at levels last seen in June as demand for the US Dollar picked up amid a worsening mood. Data released in the Asian session showed that the Chinese Caixin Services PMI printed at 51.8 in August, easing from the previous 54.1 and indicating the slowest growth rate for this year.
The United States macroeconomic calendar will include July Factory Orders and September IBD/TIPP Economic Optimism.The EUR/USD pair heads into Wall Street’s opening trading in the 1.0720 area, pressuring its intraday low and with scope to extend the slide. The daily chart shows that the pair collapsed below all its moving averages, while the 20 Simple Moving Average extends its decline far above the current level, reflecting sellers’ strength.
In the near term, and according to the 4-hour chart, the bearish case is even stronger. The 20 SMA accelerated south far above the current level and below the longer ones, which also gain downward traction. Furthermore, the Momentum indicator aims lower almost vertically, while the Relative Strength Index indicator keeps grinding lower despite being at around 27.
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