EURUSD coming under pressure
The euro currency has come under increasing selling pressure against the US dollar during the European trading session after the German economy posted much worse than expected PMI Manufacturing data. The EURUSD pair is now trading back under the 1.1337 support level and may weaken towards the 1.1300 area. Technical indicators on the four-hour time frame are also turning lower and signaling further short-term weakness.
The EURUSD pair is bearish while trading below the 1.1337 level, key support is found at the 1.1300 and 1.1280 levels.
If the EURUSD pair trades above the 1.1337 level, key resistance is found at the 1.1370 and 1.1410 levels.