EUR/USD Price Prediction for September 26, 2016

The EUR/USD moved higher on Friday as generally dollar weakness following the Fed’s decision to keep rates unchanged weighed on the greenback.  The softer than expected Markit PMI took some steam out of early dollar gains.  Resistance is seen near a downward sloping trend line that connects the highs in May to the highs in August and comes in near1.1290.  Support is seen near the 10-day moving average at 1.1206.

U.S. Markit PMI fell 0.6 points to 51.4 for the flash September print, after dipping 0.9 points to 52.0 in August. The index has ranged from 50.7 to 52.9 so far this year. It was 53.1 last September. New orders dropped to 51.0 from August’s 52.7 and is the lowest reading since December. The sluggishness in the manufacturing is disappointing, especially alongside similar readings in some of the composite European data.