The euro maintained its bearish retreat. The risk-on sentiment has pushed the USD higher. A lack of economic data from the eurozone also saw investors trading based on the global risk-off narrative.
The US ISM non-manufacturing PMI was above estimates, adding to the dollar’s strength. Non-manufacturing activity expanded to 54.7, beating estimates and the results of the previous month.
Can the EUR/USD Bounce Back from Support?
The currency pair fell to the support level as expected earlier. The question is whether price will be able to bounce off this support area.
The support level of 1.1075 – 1.1062 remains key for the currency pair. A break down below this level will accelerate declines to the next lower support at 1.1005. To the upside, prices could remain range-bound if the support holds.
