EURUSD bearish reversal underway
The euro has reversed sharply lower against the US dollar during the European trading session, following more weak PMI manufacturing data from the eurozone economy. The EURUSD pair may decline below the 1.1400 support level if the pivotal 1.1430 level is broken. The MACD indicator on the four-hour time frame is also starting to show signs of upside price exhaustion.
The EURUSD pair is only bearish while trading below the 1.1430 level, key technical support is found at 1.1400 and 1.1360 levels.
If the EURUSD pair holds the 1.1430 level, key technical resistance is found at the 1.1470 and 1.1500 levels.