The EUR/USD pair eased towards 1.1035 during European trading hours, as the Euro got hit by poor local data fueling concerns about the Eurozone’s economic performance.
EUR/USD Current price: 1.1046 Fears of a Eurozone recession weighed on the Euro. US inflation and ECB ’s monetary policy coming up this week. EUR/USD under selling pressure, critical support at 1.1020. At the same time, the US Dollar remained resilient amid caution ahead of first-tier events scheduled for later this week. The EU released September Sentix Investor Confidence, which fell for a third consecutive month, printing at -15.4.
EU data released earlier today supports the case for a looser monetary policy amid the risk high rates imply to economic progress. EUR/USD short-term technical outlook The EUR/USD pair is sharply down for a second consecutive day, and technical readings in the daily chart show the slide may continue. The pair gapped lower at the opening and fell after filling the gap. A mildly bullish 20 Simple Moving Average provides resistance at around 1.
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