On the downside, support is at $1.30688, with further levels at $1.30374 and $1.30023. The 50-day EMA at $1.31450 currently acts as a cap on gains.

A break above $1.31330 would shift the outlook to bullish, while staying below could signal continued pressure on the pair.

For now, the trend remains neutral, but a decisive move above $1.31330 would be key for any further gains.

Euro Falls as German Factory Orders Drop Sharply

The Euro (EUR) weakened after German Factory Orders plunged 5.8% in September, significantly below the expected -1.9%, reflecting a slowdown in industrial demand. Sentix Investor Confidence also improved slightly to -13.8 but remains in negative territory.

Markets are now eyeing Eurozone Retail Sales data and comments from German Buba President Nagel to gauge the outlook for the Euro amidst ongoing economic concerns.

EUR/USD Technical Forecast

The EUR/USD is trading at $1.09697, sitting just below the $1.09714 pivot point on the hourly chart. Immediate resistance is at $1.09841, followed by $1.09938 and $1.10039.

A break above these levels could indicate further bullish momentum, especially if the price holds above the 50-day EMA at $1.10017.