The Euro (EUR) declined after both French services PMI and German manufacturing PMI entered contractionary territory. OCBC FX strategists suggest that while the slump in PMIs may be concerning, further data is needed to confirm if this signals a deeper economic slowdown. They highlight potential support levels for EUR and favor tactical short EURGBP positions.
The Euro fell after French services PMI and German manufacturing PMI slumped into contractionary territory. EUR was last at 1.1143, OCBC FX strategists France s Cheung and Christopher Wong note. Mild bullish momentum on daily chart “Slump in PMI s maybe a concern but it remains to be seen if this is a one-off summer lull or whether it represents a more material economic downturn.
Further growth/activity data would be key as confirmation of deeper economic slowdown will suggest that ECB easing may need to play catch up and that would warrant a softer EUR .” “Mild bullish momentum on daily chart shows tentative signs of waning while RSI turned lower. Technically, double-top bearish reversal appears to be forming. Risks skewed to the downside. Support at 1.1090 , 1.1060 and 1.10 .” “Resistance at 1.1160, 1.12 .
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