EUR/USD: Strong bearish pressure on the Euro in the face of european PMI data disappointing


© O Financista. The Euro-Dollar under pressure after the european PMI data disappointing

Investing.com – The EUR/USD currency pair shows a significantly drop on Thursday, in the face of european PMI indexes in part disappointing.

Index PMI manufacturing of Germany is, in fact, stood at 44.5 points, in slight increase from 44.1 in the previous month, but below consensus expectations, which had anticipated an increase to 45 points.

For France, the manufacturing PMI shows a decline in surprise, to 49.6 vs. 49.7 previously, while the consensus had expected a rise to 50 points.

Finally, for the Euro Area as a whole, the figures will not be known until 10am, but we can already assume that they will be of the same ilk.

The PMI for services have for their part been higher than expectations, but it was not enough to offset the disappointment on the manufacturing PMI.

As a result, the Euro-Dollar shows a net rally, bearish, with, for the moment, a low of 1.1264, after a peak at 1.1304 in the beginning of the european session.

Technical analysis EUR/USD

From a graphical point of view, several signals of downside can be addressed, with the break below the upward trend line visible since 2 April, and under the moving average 200 hours to 1.1280 at this time.

At this stage, the next support potential is located at 1.1250, before the psychological threshold of 1.12, and the lowest annual 1.1175.

Has the upside, a return above 1.13 is necessary to be able to new consider purchasing opportunities.

Future statistics which may influence the EUR/USD

Finally, it will be recalled that the economic calendar will still have several opportunities to see the volatility of the Euro-Dollar increase before the end of the day, including retail sales for the month of march (expected at +0.9% after -0.2% previously), and with the index of the Philadelphia Fed (expected to be at 10.4 points after 13.7 previously), 2 statistics expected at 14: 30.

We will also monitor index (PMI) preliminary from the month of April across the Atlantic at 15: 45. The manufacturing PMI is expected at 52.8 vs. 52.4 previously while the PMI services is forecast at 55 vs. 55.3 previously.

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