The EUR/USD experienced a rebound as it found support above the 200-day Simple Moving Average, helped by a weaker US Dollar. The recovery from the 1.0
800 level is testing the 1.0870 area. While there may be potential for further gains, the overall trend remains downward.
In the US, data released on Wednesday showed a decline in the S&P Global Composite PMI from 52 to 50.4, and the Manufacturing PMI dropped from 49 to 47, contrary to expectations of a modest increase to 49.3. The Services PMI also fell from 52.3 to 51. Following thedata, the US Dollar experienced losses across the board, triggering a correction. In a separate report, an improvement in New Home Sales was observed in July, with a rate of 714K compared to the previous 684K.
On Thursday, upcoming data releases include the weekly Jobless Claims and Durable Goods Orders. However, market focus is primarily set on theEUR/USD short-term technical outlook
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