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The EUR / USD reduced from 1.1290 to 1.1265
ForexLive
Just as reports on the ECB doubting economic growth earlier this week, earlier German data point to the fragility of the recent euro recovery. Although the printing of manufacturing has improved from March to April, the markets are focused on this output, but the absolute disappointment compared to expectations.
The EUR / USD pair is down, from 1.1290 to 1.265. More significantly, the price is looking to pause below the MA (blue line) of 200 hours to 1.1284 now. A break below that will see the short-term bias become more and more bearish.
Despite the overall improvement in German PMI data from March to April, the manufacturing sector remains weak (contracting for a fourth consecutive month) and this is enough to weigh on the euro and bund yields. because the activity of factories is at the center that drives the German economy.
For the EUR / USD, it seems that sellers are taking back control in the short term, which augurs badly for those looking for an upward extension as we seek to wrap up the week. Additional support is now visible around 1.1250 before an additional support at 1.1215-20 comes into play. After that, offers to the 1.1200 handle will be called next.
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