EUR/USD trades near 1.1200 as disappointing Eurozone PMI data and a strengthening US Dollar drive bearish sentiment for the second straight day.
The EUR/USD pair is experiencing downward pressure as recent Eurozone Purchasing Managers' Index (PMI) data failed to meet expectations, signaling economic weakness. Concurrently, a strengthening US Dollar is further weighing on the pair, causing it to test the 1.1200 support level during the European trading session.
The pair is currently in a bearish trend, trading near the 1.1200 level following two consecutive days of selling pressure.
The decline is primarily driven by weak Eurozone PMI figures and a concurrent recovery in the US Dollar.
The EUR/USD pair faces sustained selling pressure for the second consecutive session, hovering near the 1.1200 level. Disappointing Eurozone PMI data has weakened the common currency, while a resilient US Dollar continues to exert downward pressure on the pair during Friday's European trading session.
The decline is primarily driven by disappointing Eurozone PMI data and a concurrent recovery in the US Dollar.
The pair is currently trading near the 1.1200 mark, which represents the lower end of its weekly range.