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EUR/USD at Trendline after European PMIs

To start the week, there was a slew of releases of Manufacturing and Services PMIs for European countries. In France, both sectors are contracting in June. In Germany and the Euroarea as a whole, they are growing, but barely, and the readings mostly edged lower from the previous month. 

The data was mildly soft, but it did pull EUR/USD back from an earlier bullish attempt. The 1H chart shows a the pair retreating from around 1.3615 after the PMI data. As we begin the 6/23 US session, traders are keeping EUR/USD above a rising trendline support that stems from last week's low of 1.3513. A break below 1.3570 would clear the trendline and expose the 1.3513 low. A break above 1.3620 can open up the 1.3643 high from last week, and then the 1.3670-75 June highs. Only a break above 1.3680 should open up a bullish outlook outside of this week.


(eurusd 1H chart, 6/23)