Euro at 1.0850 on Dollar Surge: PMI and ECB Minutes Awaited

The EUR/USD dipped to 1.0850 as the US Dollar surged following strong US economic data, correcting from recent highs. Speculation arose after Bundesbank President Joachim Nagel suggested Eurozone interest rates might have peaked, potentially limiting rate hikes without an inflation rebound. Thursday's focus is on early November PMI data, expected to show slight improvements below the critical 50 mark, possibly increasing pressure on EUR/USD if the results disappoint. Meanwhile, mixed US data, including a larger-than-expected drop in Jobless Claims and a notable contraction in Durable Goods Orders, bolstered the US Dollar. US markets being closed Thursday shifts attention to the ECB's meeting minutes, while Treasury yields reinforce the Dollar's correction amid expectations for market consolidation.
On Wednesday, the EUR/USD exhibited a solid downward trend, touching the lower Bollinger Bands boundary. It currently trades slightly above, hinting at a potential upward move targeting the middle band. The Relative Strength Index (RSI) at 50 suggests a neutral stance for the currency pair.
Resistance: 1.0956, 1.1004
Support: 1.0885, 1.0832