The euro has fallen below the 1.1000 level against the US dollar after German PMI manufacturing data came in much weaker than financial markets had been expecting. The EURUSD pair has also fallen below the 1.0980 level, which is encouraging short-term sellers. Buyers are unlikely to enter into a EURUSD long trade now that the key 1.0980 support level has been breached.
The EURUSD pair is bearish while trading below the 1.0980 level, key support is found at the 1.0925 and 1.0880 levels.
The EURUSD pair is only bullish while trading above the 1.0980 level, key resistance is found at the 1.1050 and 1.1070 levels.
