EUR/USD slumps to 1.0480 on EZ PMIs

Despite upbeat final manufacturing PMI reports released from across the Euro area economies this Monday, the EUR/USD pair ran through fresh offers and breached 1.0500 support.

Currently, the spot drops -0.27% to fresh daily lows of 1.0490, having failed to resist 1.05 handle. The bears have regained control following a break of the last, triggering a minor-sell-off in the major, as they target the next support placed at 10-DMA (1.0473).

The shared currency paid little attention to slightly upbeat Eurozone final manufacturing PMI reports, with the German manufacturing PMI  report having bettered expectations, while that from the Eurozone arrived bang on expectations at 54.9 in Dec.

All eyes now remain on the upcoming economic data due to be released in the NFP week ahead, with the Eurozone German prelim CPI and US ISM manufacturing PMI data due on the cards tomorrow.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0532 (2017 high/ daily R1). A break beyond the last, doors will open for a test of 1.0550 (psychological levels) and from there to 1.0600 (zero figure). On the flip side, the immediate support is placed at 1.0469 (10-DMA) below which 1.0450 (key support) and 1.0404 (Dec 29 low) could be tested.