On Wednesday morning, the EUR/USD currency pair was trading at the 1.1000 level.
The pair was expected to trade downwards within the short-term descending channel, as it is pressured by the 100- and 200-hour moving averages.German Flash Manufacturing and Services PMIs
The European Common Currency depreciated against the US Dollar, following the German Flash PMIs survey results release on Monday at 07:30 GMT. The EUR/USD exchange currency rate lost 15 pips or 0.14% right after the release. The Euro continued trading at the 1.0975 level against the US Dollar.
Markit released the German Manufacturing PMI survey result, which came out worse-than-expected of 41.4 compared with the forecast of 44.6.
According to the official release: "The German economy contracted in September, latest flash PMI data showed, as the downturn in manufacturing deepened and service sector growth lost momentum. Job creation meanwhile stalled as firms reported weakening demand and pessimism towards the outlook for activity. The fall in output was accompanied by easing price pressures, with average charges for goods and services rising at the slowest rate for over three years."
US Releases Might Cause Minor Moves
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair tried to surpass the resistance formed by the 100-hour SMA at 1.1020. During today's morning, the pair was testing the support level – the 55-hour SMA at 1.0999.Hourly Chart
On Wednesday morning, 64% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were slightly bullish, as 55% of orders in the 100-pip range were set to buy.