“The Eurozone manufacturing PMI is weak”

Following the interest rate decisions by the ECB and the Fed, the EUR/USD pair has risen to the 1.12 level. Meanwhile, the dollar index is recovering its losses post-Fed, which is limiting further gains in the EUR/USD pair. Today, the manufacturing PMI figures released for the Eurozone and Germany came in below expectations. This increased the pressure on the euro currency.

From a technical perspective, if the upward trend continues and the 1.1115 resistance is broken, the next resistance levels to watch are 1.12 and 1.1275. On the downside, if pricing drops below the 1.1045 level, 1.0970 and 1.09 could act as important support levels for further declines.