The currency pair declined last week aiming at 1,0870 due to the weaker than expected Eurozone PMI data. We can see a general downtrend on the chart.
Eurozone’s PMI was in the red area on Monday. German Manufacturing PMI reached 41,3, which was far below previous reading and the forecast.
As for the US data, Core Durable Goods Orders reached 0,5% growth. Previous reading was -0,5%. Economists expected the indicator to reach 0,2%.
Beside all those above mentioned factors, the currency pair is influenced by the ongoing global trade conflict and uncertainty with the upcoming Brexit.
EUR/USD develops its global downtrend and is likely to test the closest 1,0870 support area within the next week. In case of any reversal signals, we advise to place long orders.
