The monthly manufacturing PMI report from the eurozone showed a continued dismal performance. IHS Markit’s monthly manufacturing PMI showed that activity contracted for the seventh consecutive month. The PMI rose to 47.0 from 46.5 in July, marking the second-lowest reading since April 2013.
EURUSD Maintains the Bearish Momentum
The currency pair continued to extend declines. Price action fell to fresh lows of 1.0968. The bearish momentum is likely to persist for a while. With the economic data picking up over the week, there is scope for the currency pair to post a rebound in the near term. The recently breached support area of 1.1066 is likely to be tested for resistance in the near term.
