EUR/USD bounces modestly from multi-decade lows, remains below 0.9800

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  • EUR/USD is trading in negative territory below 0.9800.
  • Haven flows continue to dominate financial markets ahead of the weekend.

The EUR/USD erased a small part of its daily losses after hitting its lowest level in two decades at 0.9737 earlier in the day. The pair was last seen at 0.9770, where it was down 0.65% on the day. For the week, EUR/USD has lost more than 2%.

Data from the euro zone and Germany showed that private sector business activity continued to contract at an increasing rate in early September. The S&P Global Composite PMI for the euro zone and Germany fell to 48.2 and 45.9, respectively.

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Meanwhile, the dollar continued to benefit from safe haven flows and put additional downward pressure on EUR/USD. At press time, the Euro Stoxx 600 index was down 2% on the day and US stock index futures were down between 1.1% and 0.9%.

The preliminary US PMI report for September showed higher-than-expected numbers, especially the service sector indicator. The services sector index went from 43.7 in August to 49.2 in September, higher than the market consensus of 45.0

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The manufacturing index came in at 51.8, more than the 51.1 expected. For its part, the integrated index went from 44.6 to 49.3, well above the consensus 44.7.

Finally, FOMC Chairman Jerome Powell will speak at the virtual “Fed Listens” event hosted by the Federal Reserve Bank of Dallas at 18:00 GMT.

Technical levels

EUR/USD

Panorama
Last Price Today 0.9758
Today’s Daily Change -0.0073
Today’s Daily Change % -0.74
Today’s Daily Opening 0.9831
Trends
20 Daily SMA 0.9978
50 Daily SMA 1.0088
100 Daily SMA 1.0292
200 Daily SMA 1.0703
levels
Previous Daily High 0.9908
Previous Daily Minimum 0.9807
Previous Maximum Weekly 1.0198
Previous Weekly Minimum 0.9945
Monthly Prior Maximum 1.0369
Previous Monthly Minimum 0.9901
Daily Fibonacci 38.2% 0.9845
Daily Fibonacci 61.8% 0.9869
Daily Pivot Point S1 0.9789
Daily Pivot Point S2 0.9748
Daily Pivot Point S3 0.9689
Daily Pivot Point R1 0.989
Daily Pivot Point R2 0.9949
Daily Pivot Point R3 0.999

Source: Fx Street

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