EUR/USD Dives Below Moving Average
The EUR/USD currency pair pulled back from its session high of about 1.1451 to trade at around 1.1392 on Wednesday.
This comes as the pair continues to trade below the 100-hour moving average line, causing it to plummet into oversold levels on the 14-hour RSI indicator.
From a fundamental perspective, the EUR/USD is influenced by various economic indicators. On Wednesday, Germany's preliminary Composite PMI for September improved to 53.8, while its Manufacturing PMI fell short of expectations at 53.8, down from 54.3 in August.
The EU HCOB Composite PMI for September also outperformed expectations with a reading of 53.1, up from the preceding month's equivalent of 52. The US S&P Global Composite PMI for September improved to 58.4, beating forecasts.