Positive US PMI data drags Euro lower

During Friday’s early US session, the Euro is declining significantly versus its largest equivalent, the US dollar. Better-than-expected US S&P Global PMI figures have allayed fears of a recession and are helping to underpin the currency.

As the banking crisis appears to be behind us once more, the war against inflation is once again in the spotlight, and both currencies are gaining from anticipation of rising interest rates. More generally, after hitting new year-to-date highs of 1.1075 on April 14, the EUR/USD pair appeared to be correcting.

Technically speaking, the Euro-Dollar pair is in an uptrend that is projected to last after the downturn is through. When zoomed in, intraday charts’ constantly declining volatility is forming a triangle pattern, which denotes the possibility of a breakout move.