The euro weakened against the US dollar as fresh economic data showed the Iran war is already dragging on Eurozone activity, with rising energy costs threatening both growth and inflation. Iran War Drags Down Data EU PMIs slid in March, with services dropping to a 10-month low of 50.5.
EUR/USD pares losses as US Dollar eases after PMI data
Double top and bottom scenarios can be seen on the US Dollar Index and EURUSD charts, as price action holds in consolidation in tandem with crude's hold near $90. With no resolution in sight, further market drawdown risks are building.
THE Euro managed to hold trades inside a trading zone as expected last week. Prices still face pressure towards the 1.1200 zone with resistances at 1.1655.
When are the German/ Eurozone flash HCOB PMIs and how could they affect EUR/USD?
EUR/USD loses ground as Middle East tensions lift US Dollar
EUR/USD slips below 1.1600 as Middle East tensions escalate
EUR/USD rebounds as Trump's Iran truce push tumbles the US Dollar
In a generally quiet period for economic data, this week's trade was always going to be driven by developments in Middle East, though most traders probably didn't expect the headlines to hit so hard and heavy this early.
EUR/USD rises as Dollar weakens, Oil plunges after Trump delays Iran strikes
EUR/USD: Downside risks after hawkish ECB repricing – ING
EUR/USD fell to 1.1549 on Monday, with the US dollar extending gains from the previous session amid heightened demand for safe-haven assets as the Middle East conflict escalates.