EUR/USD sinks to near two-year lows below 1.0400 in European trading hours on Friday after the release of the preliminary HCOB Eurozone Purchasing Managers Index (PMI) report for November, which showed that the overall business activity surprisingly contracted.
EUR/USD falls sharplyas the US Dollar extends its rally and the EurozoneComposite PMI surprisingly contracts. Eurozone Service PMI surprisingly decreased to 49.2, suggesting that business activity contracted in November for the first time since January. The US Dollar strengthens as traders doubt over Fed rate cuts in December. EUR/USDsinks to near two-year lows below 1.
0450 EUR/USD extends downside and reaches a fresh two-year low below 1.0400 on Fridayafter sliding below the psychological support of 1.0500 the prior day. The pair could witness more downside as all short-to-long-term Exponential Moving Averages are declining. The 14-day Relative Strength Index oscillates in the bearish range of 20.00-40.00, adding to evidence of more weakness in the near term. Looking down, EUR/USDbottomed at 1.0332 on Friday.
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