The EUR/USD currency pair is experiencing a bearish trend, aiming for the 1.0420 price zone as European HCOB Manufacturing PMIs faced downward revisions in November. Political instability in France, influenced by the far-right leader Marine Le Pen, has added to market uncertainty, as has the potential for increased tensions between Russia and the US following the election of Donald Trump. Markets are showing risk aversion with stocks under pressure and yields rallying.
EUR/USD Current price: 1.0498 Most European HCOB Manufacturing PMIs suffered downward revisions in November. The United States will release the November ISM Manufacturing PMI. EUR/USD turned bearish in the near term, aims to test the 1.0420 price zone. The EUR/USD pair is under mild selling pressure at the beginning of a new week, easing from an intraday peak of 1.0569 and piercing the 1.0500 level ahead of Wall Street’s opening.
S&P Global will release the US Manufacturing PMI in the American session, while ISM will release the official November Manufacturing PMI, foreseen at 47.5, slightly better than the previous 46.5. EUR/USD short-term technical outlook From a technical point of view, the EUR/USD pair is at risk of falling. In the daily chart, technical indicators turned south after paring their advances within negative levels, reflecting prevalent selling interest.
EUR/USD European Manufacturing PMI Marine Le Pen Donald Trump Market Sentiment Political Turmoil
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