EMU Markit PMI Composite eased from 48.6 to 47.3, against a rising consensus of 49.9. Markit manufacturing also disappointed by dropping from 47.9 to 47.8 (consensus of 48.5) and services PMI fell from 48.6 to 47.3 (consensus of 49.0).
Flash February German manufacturing PMI turned expansionary as expected, but instead of rising from 49.8 to 50.5, it only rose to 50.1. Services PMI eased from 55.7 to 54.1 (consensus of 55.5).
French manufacturing data improved from 42.9 to 43.6 and services PMI eased from 43.6 to 42.7. EMU Markit PMI is next in line.
A break below trendline support at 1.3230 is “seen as a trigger for fresh weakness towards strong support area at 1.3185, 50% of 1.2660/1.3710 / daily Ichimoku cloud top and 1.3170, Sep 2012 highs”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 1.3300 as resistance along with 1.3330.
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