EUR / USD - European currency remains under pressure amid weak economic data

Today the trading day is full of economic data and is a kind volatile. In Europe, PMI production and service sector data were published. Once again, the data shows the deterioration in economic sentiment in Germany and in Europe as a whole. German PMI in the manufacturing sector came at  56.8 against 58.1 a month earlier. PMI in services sector 52.1 against 53.0 a month earlier. The same negative dynamics continues in the EU, PMI of the manufacturing sector 55.5 against 56.2 a month earlier, PMI services sector 53.9 against 54.7 in April.

However, the main data of the week is still ahead - the markets are waiting for the publication of the FOMC minutes. In this respect, a certain intrigue remains. Despite the Fed officials' speech in favor of a sharp rate-hikes last week, there is a possibility that rhetoric will be rather restrained, which may lead to correction of the US currency. At the start of US trading USD dollar index is around 93.83 points.

The technical picture has not changed in recent days. EUR / USD is still under pressure, and today the pair has set the minimum levels at $ 1.1685. After breaking through $ 1.1750, the pair's downward movement will continue to the strategic level of support that we have written about earlier - this is zone $1.1590-$1.1550.

Trading recommendations - shorts on upward market pullbacks EUR / USD

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