EURUSD PMI data in focus

The euro currency has turned heavily bearish over the medium-term against the US dollar after breaking through the 1.1160 support level on Tuesday. Continued weakness below the 1.1160 level may prompt a test of the 1.1110 support level during today’s European trading session. Market participants are now waiting for the release of PMI Manufacturing data from the eurozone.

• The EURUSD pair is heavily bearish while trading below the 1.1160 level, key support is found at the 1.1110 and 1.1050 levels. 

• If the EURUSD pair trades above the 1.1160 level, bulls could test back towards the 1.1180 and 1.1200 levels.