EUR/USD drops to 1.0940 after US PMI data

US Dollar jumps across the board after PMI survey.
EUR/USD retreats but holds above daily lows.

Matías Salord FXStreet

The US Dollar rose sharply across the board following the release of the S&P Global PMI, sending EUR/USD under 1.0950. The pair fell from near 1.1000 toward daily lows.

Data boosts US Dollar

“US Flash PMI data signals solid growth in private sector output as the headline figure registered an 11-month high of 53.5 in April (Mar: 52.3). Companies noted that improved demand conditions supported growth”, said S&P Global. The Composite PMI was expected at 52.8. The S&P Global Manufacturing PMI rose from 49.2 in March to 50.4 while the Service PMI from 52.6 to 53.7, both surpassing expectations.

US yields jumped to daily highs after the report. The DXY turned positive, rising toward 102.00. EUR/USD dropped from 1.0993, the highest in a week to 1.0941. The pair remained above daily lows.

Earlier on Friday, the preliminary April PMI for the Euro Zone showed mixed numbers. The Manufacturing Index dropped from 47.3 to 45.5 while the Service rose unexpectedly from 55 to 56.6. While Manufacturing hit the lowest level since May 200, the Service rose to the strongest since April 2022.

Short-term outlook

The EUR/USD weakened during the last hour but so far it stays above the 1.0920/30 area. A break lower would leave the Euro vulnerable to more losses, targeting initially the weekly low at 1.0908. The next support stands at 1.0880.

If the Euro remain above 1.0930, it would likely continue to trade sideways. The upside remains capped below 1.1000. A consolidation above 1.1000 is needed to clear the way to more gains.

Technical levels

EUR/USD

Overview
Today last price	1.0956
Today Daily Change	-0.0014
Today Daily Change %	-0.13
Today daily open	1.097

Trends
Daily SMA20	1.091
Daily SMA50	1.0761
Daily SMA100	1.0732
Daily SMA200	1.0389

Levels
Previous Daily High	1.099
Previous Daily Low	1.0934
Previous Weekly High	1.1076
Previous Weekly Low	1.0837
Previous Monthly High	1.093
Previous Monthly Low	1.0516
Daily Fibonacci 38.2%	1.0968
Daily Fibonacci 61.8%	1.0955
Daily Pivot Point S1	1.0939
Daily Pivot Point S2	1.0908
Daily Pivot Point S3	1.0883
Daily Pivot Point R1	1.0995
Daily Pivot Point R2	1.1021
Daily Pivot Point R3	1.1052

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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