EUR/USD falls toward 1.1000 after the Fed's hawkish cut
EUR/USD is trading closer to 1.1000, the lowest in over two years. The Fed's reluctance to signal further cuts and its upbeat outlook has sent the dollar higher. EZ manufacturing PMIs met expectations, showing contraction.
From a technical perspective, a sustained break below the 1.1100 handle might have already set the stage for a further downfall towards challenging the key 1.1000 psychological mark and hence, any attempted recovery might still be seen as an opportunity to initiate some fresh bearish positions. Immediate resistance is pegged near the 1.1100-1.1110 region - support breakpoint, above which the recovery could get extended but seems more likely to remain capped near the 1.1155-60 horizontal supply zone.