EURUSD (1.1632): The euro currency gained as the U.S. dollar took a breather. Economic data on Wednesday showed that the eurozone composite PMI increased in August. However, businesses were concerned about the economic outlook due to the trade wars. The Euro fell to the session lows of 1.1542 before rebounding off the support level. The currency pair tested 1.1656 regionmarking a retest of the minor rising trend line’s break out level. A reversal from this level would signal a decline back to 1.1540. This would in turn validate the head and shoulders pattern suggesting further declines to 1.1418.
