The euro was down over 0.41% on the day on Friday. Economic data saw the release of the flash manufacturing and services PMI numbers.
Data showed that manufacturing activity for the eurozone rose to 46.6 in November. This was slightly up from October’s 45.9. Services activity fell to 51.1 from 52.2 in October. IHS Markit data continues to show weak economic growth in the region.
EUR/USD Extends Declines, but Support Could Hold
The common currency fell sharply on Friday. Price action is now closer to the support level of the 1.1000 region. This level could hold the declines in the near term and offer a short term respite. But, in the event that the EURUSD breaks down below this level, we can anticipate a retest of the previous lows at 1.0889.
