On the downside, support is found at $1.2926, followed by stronger levels at $1.2908. The 50-day EMA matches the pivot point at $1.2956, while the 200-day EMA rests at $1.3012, indicating mixed sentiment.
If GBP/USD breaks above $1.2956, it could pave the way for a more bullish trend, while a stay below could keep the bearish tone intact.
Euro falls due to missing PMI data; Buba report next
The euro (EUR) weakened after weaker-than-expected PMI results, with French manufacturing at 44.5 and German manufacturing at 42.6, both below expectations.
The French and German services PMIs also underperformed, increasing pressure on the euro. The broader Eurozone manufacturing PMI stood at 45.9, exceeding expectations.
Traders now focus on the upcoming German Buba Monthly Report for further insight into economic conditions and possible policy adjustments amid ongoing economic challenges.
EUR/USD Technical Forecast
The EUR/USD pair is trading at $1.07836 and is showing a slight upward move, although it remains below the key pivot point at $1.07932. Immediate resistance is at $1.08114, with further resistance levels at $1.08285 and $1.08480.