Economic activity in Europe continues to decline. According to the data reported by IHS Markit and S&P Global today, the composite purchasing managers index (PMI) in the Eurozone decreased to 48.1 points in September. With the effects of this, we see that the pressure on the euro has increased. Looking at the technical view, if the parity, which is in preparation for a rising wedge formation, can settle below the 0.9875 level permanently, the formation can be completed and accelerate the descent to 0.9825 support, which is indicated by the Fibonacci 38.2% retracement line. In upside attempts that may occur, the resistance of 1.0000 can be followed closely.

Support: 0.9875 – 0.9825 – 0.9780
Resistance: 1.0000 – 1.0045 – 1.0080