The Euro suffers losses again

EUR/USD is under pressure after published Chinese and German economic data showed that world economy weakened, boosting demand on oasis currencies.

Chinese PMI, counted by HSBC Holdings Plc., remained at 49.9 in September. The third straight month the index shows decrease of activity in business sector of the second major economy.

German retail sales on seasonaly adjusted base decreased, by 2.9% in August against July, when the index grew up by 0.3% (the highest since May 2007). The economic forecast was about -0.5%. Annualized sales increased by 2.2%.

From technical point of view the inability to overcome resistance at 1.3680/90, provoked throwback and return of the rate below 1.3500.

In case of reaching the nearest support at 1.3480 the pair will be able to continue falling down to 1.3410/00. The nearest resistance is at 1.3560, above which the bullies’ target will become 1.3600 and recent peaks.