EUR/USD: It’s a Hard Time for the Euro

Most of the economic releases from the Eurozone came out worse than expected. Germany’s private sector sees modest growth in April as resilient services performance continues to offset manufacturing weakness.

The Flash Germany Composite Output Index ticked up from a 69-month low of 51.4 in March to 52.1 in April. But German Flash Manufacturing PMI slipped to 44.5 vs. 45.2.

EUR/USD met support at 1.1280 but violated it without any problem. Next support prevails at 1.12500 and that’s where we can expect the EUR/USD to stay. However, in case of a breakout, the next support can stay around 1.1220.

Good luck!