EUR/USD erases gains and tests 1.0300

• He loses momentum in the last few hours and falls throughout the market.
• Eurozone PMI data beat expectations.
• EUR/USD loses the bullish intraday bias and challenges 1.0300.

EUR/USD fell to 1.0296, marking an intraday low after trading just below 1.0350 three hours ago. The decline came despite better-than-expected Eurozone PMI data and a weakening euro.

Euro down despite data

The preliminary S&P Global Eurozone PMI for November showed the integrated index up from 47.3 to 47.8, against expectations for a drop to 47. Germany’s went from 45.1 to 46.4. The data did not give the euro much of a boost. EUR/GBP is below 0.8650, as the pound strengthens.

Bond yields are stable on both sides of the Atlantic. The Dollar Index (DXY) is up 0.02% and is trading at 107.15. Wall Street futures show slight gains, confirming Tuesday’s gains.

Several economic reports will be released in the US, including durable goods orders, jobless claims, the PMI, new home sales and the consumer confidence index. Many of these reports came early as Thanksgiving Day is celebrated in the US on Thursday.

Testing 1.0300

The EUR/USD is trading above the 20-hour moving average, which passes 1.0305. In case of affirming below 1.0300, a change in the intraday bias to bearish would be expected. Short-term support appears at 1.0290 and 1.0245 will continue below.

In the opposite direction, at 1.0325 is the first Nantes resistance of the area of ​​the high of the day, followed by 1.0385.

technical levels