EUR/USD reverses its course at the 50-day moving average (DMA) and slides below the 1.0600 psychological level as Treasury bond yields in the United S
EUR/USD reverses course at 50-DMA, sliding below 1.0600 as US Treasury bond yields rise. US economy gains momentum with S&P Global Manufacturing PMI at 50 and Services PMI at 50.9. Eurozone business conditions continue to deteriorate, with Manufacturing, Services, and Composite PMIs in recessionary territory. tates rise following business activity data. At the time of writing, the EUR/USD is trading at 1.0591 after hitting a high of 1.0694, down 0.72%. EUR/USD trades at 1.0591, down 0.
0700. Ahead of the week, the European Central Bank is expected to hold rates unchanged, though it is projected to leave the door open for further hikes if needed. EUR/USD Price Analysis: Technical outlook The EUR/USD remains downward biased, although upward corrected shy of reclaiming the 1.0700 mark. As the fundamental picture deteriorates in the EU, further downside is expected. First, support is seen at the October 23 low of 1.0571, followed by the previous cycle low of 1.
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