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Forex: EUR/USD down on European PMI data, held by 1.2980

FXstreet.com (Barcelona) - The EUR/USD has been falling across the chart since the release of disappointing France Markit PMI figures, with manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus. German data extended the sentiment as manufacturing dropped from 50.3 to 48.9 (consensus of 50.5) and services fell from 54.7 to 51.6 (consensus of 55.0).

The EUR/USD has now been holding around 1.2985/90 (-0.35% on the day), with a touch of 1.2980 on the release of the EMU print: Composite PMI down from 47.9 to 46.5 (consensus of 48.2).

UBS analysts are bearish: “Any upside will be limited as bear trend persists. Resistance at 1.2996 ahead of 1.3107 - which should hold”, wrote analyst Gareth Berry, pointing to support at 1.2844 ahead of 1.2662.

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