On the downside, support stands at $1.30863, with subsequent levels at $1.3049 and $1.30132.
The 50-day EMA at $1.32382 and the 200-day EMA at $1.32552 indicate that the pair trades below key moving averages, signalling that a sustained move above $1.31784 is needed to confirm a bullish trend reversal.
Euro Steady After Mixed PMI Data; Focus Shifts to Italian Retail Sales
The Euro (EUR) is trading flat following mixed PMI figures. Spanish Services PMI rose to 57.0, while Italy and France showed softer data at 50.5 and 49.6, respectively.
The overall Eurozone Final Services PMI came in at 51.4, above expectations.
Traders now focus on the Italian Retail Sales report, which is expected to show 0.2% growth, down from the previous 0.5%, which could impact EUR sentiment.
EUR/USD Technical Forecast
The EUR/USD is trading at $1.10315, slightly down by 0.02%, but holding above its pivot point at $1.10259. The pair has found strong support near $1.1025, forming a double-bottom pattern, which typically signals a potential bullish reversal.
