The currency pair has tested 1.1285 resistance area again last week but retreated from that level. EUR/USD stays below at press time.
German and French PMIs were the main drivers last week. They were above expectations allowing EUR/USD to retest 1.1285 again. However, fears about the global economy prevent the currency pair from developing the uptrend.
We expect EUR/USD to develop its downtrend towards 1.1068. This scenario will be cancelled if the currency pair retests 1.1285 again.
German and French PMIs were the main drivers last week. They were above expectations allowing EUR/USD to retest 1.1285 again. However, fears about the global economy prevent the currency pair from developing the uptrend.
We expect EUR/USD to develop its downtrend towards 1.1068. This scenario will be cancelled if the currency pair retests 1.1285 again.