EUR/USD Remains Near Parity Ahead of Jackson Hole

EUR/USD is currently holding near parity as PMI data on Tuesday fueled concerns about the US economy.

Although European PMI hit its lowest level in over 2 years, the reading still managed to beat market estimates. The US print, on the other hand, came in softer-than-expected, weighing on the outlook for the American economy ahead of this week’s Jackson Hole Symposium.

The FX pair has been trading in a descending channel since February, after finally closed below parity on Monday for the time since 2002. While the break below 1.000 does open the possibility for losses to accelerate, profit-taking in the US Dollar could help support EUR/USD.

Will the pair continue lower?

Check out this article for a deeper technical analysis into EUR/USD: