EUR/USD faces sharp selling pressure and falls below the crucial support of 1.1100 in Monday’s European session.
EUR/USD falls sharply below1.1100 on weak Eurozonepreliminary Purchasing Managers’ Index data of September. ECB policymakers appear to be increasingly concerned about inflation remaining persistent. Markets expect the Fed to deliver a second consecutive 50 bps interest-rate cut in November. The major currency pair weakens on multiple headwinds: poor EurozonePurchasing Managers’ Index data for September and a sharp recovery in the US Dollar .
The near-term outlook of the currency pair is expected to findinterim support near the20-day Exponential Moving Average near 1.1090. The outlook of the major currency pair would remain firm till it holdthe breakout of the Rising Channelchartpattern formed on a daily time frame near the psychological support of 1.1000. The 14-day Relative Strength Index moves lower to 55, suggesting momentum is weakening Looking up, the round-level resistance of 1.
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