The EURUSD duo remained under selling stress under the key level of 1.0800. The Nov European Aggregate PMI was 47.6 versus. 47.1.
Key Points & Considerations
In the afternoon of Wednesday, the EURUSD gets a few buyers at 1.0795.
The European Union’s Composite PMI for Nov was 47.6, up from 47.1 the previous month in excess of the market estimate of 47.1.
The Nov ISM Services PMI in the United States was higher than predicted. Ascending to 52.7 versus 51.8 in the prior month’s figures.
Traders are looking forward to European retail sales data and ADP private-sector hiring statistics in the United States.
Technical Analysis
Pivots for the day: (Supprt-1) 1.0768; (Pivot) 1.0808; (Resistance-1) 1.0838 mark.
During the previous trading period, the US greenback kept on rising. Subsequently successfully breaching the resistance area at 1.0824, the sellers maintained their grip on the markets. While the currency pair is heading for an attempt of the floor at 1.0757. The likely outcome for current activity period is for the duo to make a correctional push into the old support. That is now serving as a barrier at 1.0824 mark. while allowing trade to continue in the 1.0757-1.0840 region.
At the moment, the EURUSD daily skew is negative. The current decline from the 1.1016 immediate peak is underway. A persistent breach of the 55 Daily EMA (currently at 1.0770 mark). It will open the door for another test of the 1.0447 supporting level. Over 1.0846 small barrier, the daily tilt will initially become even. Despite the event of a rebound, however, the danger will remain on the lower side until such time as the 1.1016 barrier remains.
In the grand scheme of things, price swings from 1.1274 are considered to be a correcting trend to climb off 0.9534 (2022 bottom). The increase from 1.0447 level is thought to be the next phase. As a result, though more rallying is possible, upward must be capped by 1.1274 mark to complete the pattern to a next wave. In the meantime, a prolonged breach in the 55- daily EMA indicates the 3rd wave is under way for 1.0447 and down.
5- Hourly Technical Indicators
| Name | Value | Action |
| RSI(14) | 26.686 | Sell |
| STOCH(9,6) | 24.275 | Sell |
| STOCHRSI(14) | 10.455 | Oversold |
| MACD(12,26) | -0.003 | Sell |
| ADX(14) | 78.001 | Oversold |
| Williams %R | -86.307 | Oversold* Caution |
| Name | Value | Action |
| CCI(14) | -123.1995 | Sell |
| ATR(14) | 0.0028 | Less Volatility |
| Highs/Lows(14) | -0.0029 | Sell |
| Ultimate Oscillator | 49.744 | Neutral |
| ROC | -0.791 | Sell |
| Bull/Bear Power(13) | -0.0092 | Sell |
