EUR/USD drops to 1.0940 on economic concerns

EUR/USD Downturn:

📉 The EUR/USD pair experienced a significant downturn, touching lows of 1.0940.
🌐 Driven by a stronger US Dollar amid a gloomy market sentiment due to persistent economic contraction signals at the close of 2023.
PMI Data Insights:

📊 S&P Global's released PMI data showed a slight improvement in the EU's manufacturing index.
📉 The US, however, saw a contraction, contributing to a risk-averse atmosphere.
Market Dynamics:

📉 The risk-averse sentiment pushed stocks downward and lifted Treasury yields.
Upcoming Data and FOMC Meeting Minutes:

👀 Eyes are now on upcoming data, particularly the December US ISM Manufacturing PMI.
📈 Curiosity surrounds the FOMC Meeting Minutes, given Chairman Jerome Powell's hint at potential rate cuts.
Current Movement of EUR/USD:

📉 On Tuesday, the EUR/USD moved lower, reaching the lower band of the Bollinger Bands.
🚀 Currently, the price is moving slightly above the lower band, suggesting a potential upward movement.
Relative Strength Index (RSI):

⚖️ The Relative Strength Index (RSI) maintains its position at 32.
📉 Signaling a bearish outlook for this currency pair.
Key Technical Levels:

🚀 Resistance levels: 1.0980, 1.1068.
📉 Support levels: 1.0892, 1.0814.