With little in the way of headline economic data due from the Euro Area this week, the outlook for the single currency will likely be shaped by US data releases over the next few days. The main US data reports start later today, with the Philly Fed Manufacturing Index

EUR/USD is showing some bullish bias today to test the key resistance 0.9790, and as we mentioned before, holding below this level is required to keep the bearish trend scenario active for this week. The stochastic indicator is overbought and it’s heading lower now so the Euro is losing the positive momentum gradually, waiting to resume the bearish bias that its first main target located at 0.9700.

Philadelphia Fed business index for the month of October

• Philadelphia Fed business index -8.7 points vs. -5.0 estimate
• Prior month -9.9 points
• New orders -15.9 points vs. -17.6 last month
• FED prices paid 36.3 points vs. 29.8 last month
• Employment 28.5 points vs. 12.0 last month
• capital expenditures 4.4 points vs. 4.6 last month

EUR/USD Live Chart