EUR/USD: Support in Focus Ahead of U.S. PMI

The resistance from the September high has now become support at the 1.91000 level. A significant close below this level on the daily chart will suggest further downside for the pair. Recent U.S. economic data, such as core PPI, PPI and unemployment claims, are showing a stable U.S. dollar.

Moreover, the chances of cutting the Fed fund rate depend on upcoming data. Other factors, such as Trump's decisions, have already been priced into the market.

So if the EUR/USD today closes significantly below the support (1.19100), the EUR will keep falling at least until the release of manufacturing PMI data on Monday from the US. If manufacturing PMI from the US comes in less than forecast, then the euro might bounce to the upside.

EUR/USD Daily Chart