Weak economic data weigh on the Euro, but the broader bullish trend remains intact

EUR/USD fell sharply on Monday morning following weaker-than-expected German and French PMI data, with Germany’s manufacturing PMI dropping to 40.3, signaling recession risks and dampening sentiment.

The fresh decline adds to the reversal signals seen after multiple strong rejections near the pivotal 1.1200 resistance (August 26 high/psychological level). Bears broke through the key support zone around 1.1100 (50% retracement of the 1.1021/1.1189 rise and the rising 10-day moving average), but a decisive break lower is needed to confirm a continuation and target the next levels at 1.1073 and 1.1046 (Fibonacci 61.8% and 76.4%).

Despite this short-term weakness, the broader outlook remains bullish, and the larger uptrend will stay intact as long as the 1.1000 psychological support holds. In this scenario, the pair is likely to consolidate before bulls regain momentum for another push toward the 1.1200 level.

Res: 1.1117; 1.1145; 1.1167; 1.1189
Sup: 1.1087; 1.1073; 1.1046; 1.1000