EUR/USD Forecast: Euro loses bullish momentum after PMI data

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EUR/USD Forecast: Euro loses bullish momentum after PMI data
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EUR/USD climbed to its highest level in five weeks near 1.0700 in the European morning on Tuesday but lost its traction following the disappointing PM

EUR/USD lost its traction after coming within a touching distance of 1.0700. PMI data from the Euro area showed that private sector activity continued to contract. A bullish action in Wall Street could limit the US Dollar's gains. I releases. Although the pair's near-term technical outlook points to a loss of bullish momentum, buyers could remain interested as long as 1.0640 support stays intact.

The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . The Composite PMI in Germany and the Eurozone declined to 45.8 and 46.

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