Following a modest recovery attempt in the early European session on Wednesday, EUR/USD came under renewed bearish pressure and dropped to its weakest
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY .Later in the day, S&P Global will publish preliminary August Manufacturing and Services PMI data for the US.
On the downside, 1.0800 aligns as immediate support. In case the RSI falls below 30 when EUR/USD drops to that level, investors could book their profits and wait for a technical correction before betting on further Euro weakness. Below 1.0800, 1.0760 and 1.0740 could be seen as next bearish targets in the near term.
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