EUR/USD remains depressed German PMI data

FXStreet (Mumbai) - The EUR/USD pair remains depressed around 1.1340 levels after the data in Germany showed a slowdown in the expansion of the manufacturing activity in January.

The pair now trades 0.18% lower at 1.1342. The single currency had recovered most of its losses as the markets were expecting an uptick in the gauge of manufacturing. Markit’s preliminary German manufacturing purchasing managers’ index for January came-in at 51, missing the estimate of 51.2 and down from December’s 51.8. Meanwhile services PMI managed to beat market expectations, rising from 52.1 in December to 52.6 in January. Consequently, the composite PMI index printed higher than expected at 52.6.

However, the pair fell from a high of 1.1357 due to a slowdown in the German manufacturing activity. Markets are now shifting their attention to the Eurozone Preliminary PMI readings due at 9:00 GMT.

EUR/USD Technical Levels

The immediate resistance is seen at 1.1357, above which the pair could test 1.1371 levels. Meanwhile, support is seen at 1.1315 and 1.1250 levels.