EUR/USD Retreats Amid Mixed Economic Indicators
The EUR/USD currency pair pulled back from its session highs to trade at around 1.1329 on Wednesday.
This development comes as the pair continues to navigate a descending channel formation on the 60-minute chart, with some room left to run before reaching oversold levels of the 14-hour RSI.
From a fundamental perspective, various economic indicators for both the US and EU markets were released. In the US, personal income for August missed forecasts at 0.2% MoM change, while personal spending outperformed expectations with a 0.9% increase. The Chicago Purchasing Managers' Index for September also exceeded forecasts at 58.8.
In contrast, German retail sales for August fell short of expected growth at 1.3%, and the unemployment change for August missed forecasts by 12k jobs added. However, the preliminary German consumer price index for September outperformed expectations with a 0.6% MoM increase.