The EUR/USD pair continued its downward trend today, extending a week-long selloff as bearish momentum carried the price through key technical levels. Weak European flash PMI data and concerns from ECB officials over growth and inflation pressured the euro, while stronger-than-expected US PMI data (offset slightly by weaker University of Michigan data) provided support for the dollar. The pair broke below the 50% retracement of the trading range at 1.0405, reaching a low of 1.03322 before bouncing slightly.After significant selling, a corrective bounce is expected, but the strength of that correction will determine the next move. Today’s recovery took the price back above the 50% level to a
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