When is the US flash S&P Global PMI and how could it affect EUR/USD?

US flash S&P Global PMI Overview

The preliminary United States (US) S&P Global Purchasing Managers' Index (PMI) data for October is due for release today at 13:45 GMT. The report is expected to show that the overall business activity in the private sector grew at a moderate pace.

The Manufacturing PMI is expected to have remained steady at 52.0. The forecast for activities in the services sector is expected to have expanded again, but at a moderate pace. The Services PMI is seen lower at 53.5 from 54.2 in September.

How could US flash PMI affect EUR/USD?

EUR/USD trades in a tight range slightly above 1.1600 during the late European trading session on Friday. The major currency pair demonstrates a broader sideways trend amid a Symmetrical Triangle chart pattern formation.

The upward border of the above-mentioned chart pattern is placed from the September 17 high around 1.1920, while the downward border is plotted from the August low near 1.1390.

The major currency pair trades close to the 20-day Exponential Moving Average (EMA) from the past few trading weeks, suggesting indecisiveness among investors.

The 14-day Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sharp volatility contraction.

Looking up, the EUR/USD pair could revisit its four-year high around 1.1920 if it breaks above the October 17 high of 1.1728. On the downside, the August low around 1.1400 will be a key support zone for the pair in case the pair slides below the October 9 low of 1.1542.