The EUR/USD is trading at around 1.0610, unchanged daily basis and confined to a 40 pips range ever since the day started. The release of the final revisions of the region manufacturing PMIs, showed that final EU reading came in at a 34-month high of 53.7 in November, up from 53.5 in October, unchanged from the earlier flash estimate. The German reading, however, came in at 54.3 from an initial estimate of 54.4.
Later today the US will release its ISM Manufacturing PMI and the Markit Manufacturing PMI along with weekly unemployment claims. Investors, however, may remain in cautious mode ahead of the release of the Non-farm Payroll report tomorrow.
Technically, the pair maintains a neutral stance, having made little progress ever since bottoming at 1.0517 last week. The 4 hours chart shows that the price remains stuck around a horizontal 20 SMA, while the 100 SMA extended its decline above the current level, currently around 1.0680. In the same chart, technical indicators have advanced modestly above their mid-lines, but remain within neutral territory, and below previous weekly highs, indicating the absence of upward momentum.
EUR/USD, with a break below this last required to confirm a bearish extension. The immediate resistance stands at the 1.0660 region, followed by 1.0700, the 23.6% retracement of the latest daily slide.
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