EUR/USD: Analyzing Technical Trends Amid Weak German PMI
Monday, 23 September 2024, 09:00
Technical Analysis Overview
The EUR/USD pair is facing challenges as German PMI data indicates a weaker economic outlook. In light of this, banks are adjusting their expectations for the Euro. FX strategist Jane Foley from Rabobank has highlighted a potential drop towards 1.10 in the upcoming weeks.
Implications of German Data on EUR/USD
The disappointing German data could lead to further pressures. Technical analysis suggests that the EUR/USD might react negatively, with traders advised to monitor the pmi releases closely.
- Key Levels: Watch for support and resistance around 1.10.
- Bank Sentiment: Financial institutions are hedging against potential declines.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.