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EUR/USD Falls Following PMI Data

M. Ali 21 August, 2020 9:50 pm Forex Market, Market Update

The IHS Markit flash composite purchasing managers’ index (PMI) for the Eurozone declined in August, to 51.6 from 54.9 in July, reflecting the challenging road for recovery facing economic activity in the European bloc.  

However, the index remained in the expansion territory above the neutral 50 reading.

The data weighed on the Euro (EUR), which is trading lower against the majority of major currencies.

The EUR/USD is trading lower by 0.74% at 1.1773.

Support Levels: 1.1758 – 1.1731 – 1.1701

Resistance Levels: 1.1815 – 1.1845 – 1.1872

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