EURUSD turning bearish ahead of the ecb

The euro currency has come under selling pressure against the US dollar during the European trading session, following the release of much weaker than expected PMI EU manufacturing data. The EURUSD pair may test towards the 1.1300 level if the decline continues, the MACD indicator on the four-hour time frame has started to trend lower. Traders now await the ECB interest rate decision and policy statement from ECB President Mario Draghi.

• The EURUSD pair is strongly bearish while trading below the 1.1335 level, key technical support is found at the 1.1300 and 1.1214 levels.

• If the EURUSD pair moves above the 1.1360 level, buyers may test towards the 1.1380 and 1.1410 resistance levels.