On the downside, support is at $1.30688, with further levels at $1.30374 and $1.30023. The 50-day EMA of $1.31450 currently acts as a limit for gains.
A break above $1.31330 would shift the outlook to bullish, while a stay below could indicate continued pressure on the pair.
For now, the trend remains neutral, but a decisive move above $1.31330 would be crucial for further gains.
The euro is falling while German factory orders are falling sharply
The euro (EUR) weakened after German factory orders fell 5.8% in September, well below the -1.9% expected, due to a slowdown in industrial demand. Sentix’s investor confidence also improved slightly to -13.8, but remains in negative territory.
Markets are now looking to Eurozone retail sales data and German Buba President Nagel’s comments to gauge the outlook for the euro amid ongoing economic concerns.
EUR/USD Technical Forecast
The EUR/USD is trading at $1.09697, just below the $1.09714 pivot point on the hourly chart. The immediate resistance is at $1.09841, followed by $1.09938 and $1.10039.
A break above these levels could signal further bullish momentum, especially if the price remains above the 50-day EMA at $1.10017.