FXstreet.com (Barcelona) - The bloc currency dropped to the 1.2935 region, printing fresh multi-day lows at the same time, after the flash EMU Services PMI fell to 46.2 in October, Manufacturing PMI dropped to 45.3 and the composite to 45.8, all of them below expectations. The poor results add to the previous disappointing data out PMI prints in France and Germany.
Continuing with the data, the German IFO series came in lower than forescasts in all its components, adding to the gloomy scenario.
As of writing, EUR/USD is down 0.39% at 1.2935 facing the next support at 1.2892 (low Oct.15) followed by 1.2828 (MA200d) ten 1.2827 (low Oct.11) and 1.2807 (Lower Bollinger).
On the flip side, a breakout of 1.3084 (high Oct.22) would aim to 1.3125 (Upper Bollinger) then 1.3135 (Down trend line from 2011 high) and 1.3140 (high Oct.17).
Continuing with the data, the German IFO series came in lower than forescasts in all its components, adding to the gloomy scenario.
As of writing, EUR/USD is down 0.39% at 1.2935 facing the next support at 1.2892 (low Oct.15) followed by 1.2828 (MA200d) ten 1.2827 (low Oct.11) and 1.2807 (Lower Bollinger).
On the flip side, a breakout of 1.3084 (high Oct.22) would aim to 1.3125 (Upper Bollinger) then 1.3135 (Down trend line from 2011 high) and 1.3140 (high Oct.17).
