Euro Dips after Disappointing Manufacturing PMI

The greenback witnessed a slight fall in morning Asian trading session ahead of the upcoming speeches from Fed speakers. However, the euro has suffered greater losses as Eurozone Manufacturing Purchasing Managers’ Index in May edged down to a 16-month low of 51.5. On the H1 chart, EURUSD has pared its gains from the earlier uptrend to head down to as low as 1.12050. RSI broken below the 50 threshold to 41.44, confirming a strengthening bearish sentiment. The pair is anticipated to keep plunging. The next support to test is 1.11794.

Trade suggestion

Sell at 1.12094, Stop loss at 1.12220, Take profit at 1.11850

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