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Euro falls sharply on stronger dollar, downbeat EU PMI data

The Euro accelerated lower on Friday morning, losing around 0.9% in early European trading, pressured by stronger dollar and weak EU economic data.

Fed Chair Powell said that the central bank will move interest rates at a careful pace after pausing sharp rate hiking cycle in June, but markets widely expect rate hikes to resume in July, seeing overall picture as hawkish.

Another negative factor for the single currency was stall of EU business growth in June, as data released on Friday showed further downturn in manufacturing sector, while the activity in dominant services sector barely expanded.

Weak Eurozone PMI data in June add to growing worries that bloc’s economic growth would remain negative in the second quarter and keep in play risk of recession.

Pullback from Thursday’s top at 1.1012 extended into second straight day, following a bull-trap above Fibo 76.4% barrier at 1.0983 and psychological 1.10 level, with formation of reversal pattern on daily chart, weakening near-term structure.

Fresh weakness has so far retraced over 38.2% of 1.0635/1.1012 bull-leg and penetrated deeply into thick daily Ichimoku cloud.

Friday’s close below broken Fibo 38.2% support (1.0868) is needed to confirm bearish signal and keep bears fully in play for test of targets at 1.0823 (50% retracement / daily Kijun-sen), 1.0805 (daily cloud base) and 1.0779 (Fibo 61.8% of 1.0635/1.1012).

Broken Fibo 38.2% marks initial resistance, followed by converged 10/55 DMA’s (1.0890) and daily cloud top (1.0905) which should cap extended upticks.

1.0868; 1.0890; 1.0905; 1.0923
Sup: 1.0823; 1.0805; 1.0779; 1.0733