Earlier today, the USD Index extended yesterday’s increase and climbed above the level of 97. As a result, EUR/USD declined sharply and dropped under 1.1000. Will we see a test of the recent lows in the coming week?

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Today’s data showed that U.K. manufacturing purchasing managers’ index increased to 55.5 in the previous month, beating economists’ expectations for a drop to 51.3. Thanks to these better-than-expected numbers, GBP/USD extended gains and climbed to important resistance area. What’s next?

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Yesterday, the Commerce Department reported that U.S. gross domestic product grew at an annual rate of 1.5% in the second quarter, missing expectations for a growth of 1.6%. Earlier today, the U.S. Bureau of Economic Analysis showed that personal spending increased by 0.1% in the previous month, also missing expectations for a 0.2% rise and fuelling concerns over the strength of the economy. Thanks to these disappointing numbers, the USD Index gave up some gains and slipped to the level of 97. How did this drop affect the technical picture of our six currency pairs?

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Although the U.S. Federal Reserve kept interest rates unchanged yesterday, the bank signalized that a December interest rate hike was still on the table. Thanks to this news, the USD Index rallied to its highest level since Aug 10 and hit an intraday high of 97.89. As a result, EUR/USD declined sharply and reached important support area. Will it withstand the selling pressure in the coming days?

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Earlier today, the USD Index moved lower as uncertainty around today’s Federal Reserve’s rate statement later in the day weighs on investors’ sentiment. As a result, EUR/USD climbed to the key resistance zone for the third time in a row. Will we see an invalidation of the breakdown in the coming days?

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