22 November 2024, EUR/USD
EURUSD:
Friday's PMI releases will dominate at the end of the week.
EUR/USD declined further on Thursday, continuing to lose weight in the near term and falling to its lowest levels since November 2023. All but one of the last eight trading weeks have been in negative territory, and it appears that the exchange rate will continue to decline unless the euro finds reasons to strengthen significantly.
The downtrend has not been interrupted since late October, and the pair has reached new multi-month lows. The nearest support is at 1.0450, a psychological level that could attract buyers; a break below this area could open 1.0400 as the next target.
Early in the European market window, European Purchasing Managers' Index (PMI) data for November will be released. The EU manufacturing PMI is expected to remain unchanged at 46.0, while the European services PMI component is expected to rise to 51.8 from 51.6.
Average market forecasts for the U.S. portion of Friday's PMI release schedule suggest a general increase in activity expectations, with the November U.S. manufacturing PMI expected to rise to 48.8 from 48.5. The services PMI component of the PMI will also increase to 55.3 from 55.0.
Trade recommendation: Watch the level of 1.0450, when fixing above it consider Buy positions, when rebounding consider Sell positions.
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