Disappointing PMI Data: EUR/USD Loses Upward Momentum
The EUR/USD pair has ended its upward momentum, continuing to decline today. This drop occurred after the release of PMI data, which showed that economic activity in the Eurozone is slowing down, while the U.S. data was only slightly better.
On the 1-hour chart, the pair might gain upward momentum from the support level at 1.109. However, it is likely to soon reverse due to resistance around 1.113, along with confirmation of a reversal by the EMA 34 and 89. Therefore, the downtrend could continue.
That’s Alisa’s analysis. What about you? What do you think?
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