Key Highlights
The Euro continued to move lower against the US Dollar and opened with a bearish tone this week.
The EURUSD pair almost tested the 1.0820-00 support area where it is currently finding bids.
A major support trend line on the hourly chart was broken by sellers.
Chinese Caixin China Services PMI, released by Markit Economics posted a decline from the last reading of 48.6 to 48.2 in December 2015, whereas the market was expecting an increase to 49.0.
EURUSD Technical Analysis
The EURUSD pair moved lower earlier today and created a new low of 1.0826 during the start of the year. Earlier, the pair broke a critical support trend line on the hourly chart, which ignited a downside move.
The pair is now placed below the 100 and 200 hourly simple moving averages, which means the chance of it losing ground further is high.
However, it looks like buyers are putting up a fight near the 1.0820 support area and there is a possibility of a correction moving ahead may be towards the 50% Fib retracement level of the last drop from the 1.0942 high to 1.0826 low. The hourly RSI is moving away from the oversold levels, which is a positive sign for bulls and might encourage them to take the pair higher.
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