EURUSD

The EUR/USD pair is trying to find direction with economic data coming from the US and the Eurozone. In the US, the private sector employment data falling short of expectations is increasing expectations for a Fed rate cut, while in the Eurozone, PMI data related to the services sector remaining in the contraction zone is noteworthy. Particularly, Germany's increasing contraction rate and the generally negative outlook of the Eurozone are putting pressure on the euro. At the same time, expectations that the US Federal Reserve might cut rates in the forthcoming period could create some weakening on the dollar.

From a technical perspective, the EUR/USD pair is trading near the 1.0485 support level. In upward movements, the 1.0545 and 1.0600 resistance levels can be observed. If the pair remains below the 1.0485 level, there is potential for a pullback towards the 1.044 and 1.039 levels. The RSI indicator is at the 42 level, showing a negative outlook. The pair is down by 0.18% compared to the previous day and is generally on a weak trend. It is likely that the congestion between 1.0485 and 1.0600 will continue, yet the overall outlook remains negative.