European PMIs surpassed expectations, exception made by Italian one, albeit they were not enough to boost the EUR: the common currency trades stuck around 1.3500 against the greenback, barely 20 pips away from this year low. Ahead of US opening, the bearish tone prevails in the pair, with the hourly chart showing price pressuring a flat 20 SMA and indicators heading south around their midlines. In the 4 hours chart indicators aim slightly higher in oversold levels, albeit price action does little to support an upward corrective movement: 1.3470 is still the key support to break to confirm another leg lower, eyeing the 1.3400 figure for today.
