On Tuesday, Euro fell under pressure as the U.S. dollar stabilized at the 94 mark. The final Eurozone Manufacturing PMI value in October was 58.3, which was lower than the previous value of 58.6 and the lowest level in eight months. Supply chain issues and inflationary pressures have severely hit factories in France, Germany, and Spain.
From a technical perspective, Euro’s daily candle has fallen into a very small fluctuation zone. Euro has been under MA10 for a long time, and the probability of Euro to continue to weaken is relatively high. On H4 graph, Euro reached the lowest point and increases. Euro is currently under pressure from the middle BOLL band, and the RSI stabilized near 45. Overall, prioritise Sell within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point near 1.1620.
Resistance：1.1620-1.1660-1.1690
Support：1.1570-1.1550-1.1520
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