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technical analysis

Trading was rather subdued amid a lack of any fundamentals or major global themes.

The Brexit saga continues, but the impact is limited to the pound sterling.

Data from the US was mostly second-tier. The Richmond Fed manufacturing index rose to 8, beating estimates of -7. This was a strong rebound from -9 previously.

Euro on the Backfoot Amid USD Strength

The euro weakened amid a broader strength in the dollar.

The USD index, however, made only modest gains. This comes a day after the dollar closed flat.

Economic data was sparse, on both the US and eurozone front.

EURUSD Declines for a Second Consecutive Day

Price action in the currency pair saw a decline for a second consecutive day. The declines come after the euro rose to two-month high.

The declines in the EURUSD correspond with the hidden bearish divergence on the daily chart. Thus, there is scope for the currency pair to fall toward the lower support. The first support is at the 1.1075 – 1.1062 level.

EURUSD

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