Look for short entries below 1.11475
The broader downtrend remains firmly intact, with the recent close back below the 100-DMA ending a period of corrective activity, setting the stage for the next major downside extension towards 1.0900. Intraday short positions can be entered below 1.11475. Only above 1.1428 negates the bearish outlook.
Looking at fundamentals, yesterday's round of softer Eurozone inflation data and stronger US ADP employment paved the way for a continuation of Euro weakness, with the major pair trading down towards 1.1100 before finally finding support. It would seem the disappointing Chicago PMIs helped to slow the pace of declines, while positioning ahead of Friday’s anticipated monthly employment report out of the US also helped. But overall, the Euro has been offered in the face of increased odds for a sooner Fed rate hike. Looking at today’s calendar, we get German and Eurozone manufacturing PMIs and US initial jobless claims and ISM manufacturing.
Looking at fundamentals, yesterday's round of softer Eurozone inflation data and stronger US ADP employment paved the way for a continuation of Euro weakness, with the major pair trading down towards 1.1100 before finally finding support. It would seem the disappointing Chicago PMIs helped to slow the pace of declines, while positioning ahead of Friday’s anticipated monthly employment report out of the US also helped. But overall, the Euro has been offered in the face of increased odds for a sooner Fed rate hike. Looking at today’s calendar, we get German and Eurozone manufacturing PMIs and US initial jobless claims and ISM manufacturing.
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