With the 50-day EMA at $1.33305, the pair remains supported in the short term, but pressure is building.

If the price fails to reclaim $1.34288, further bearish momentum could unfold. However, a break above the pivot would indicate a potential bullish reversal.

Euro Struggles; Weak PMIs and German Ifo Business Climate Data

Earlier this week, the German Ifo Business Climate index fell to 85.4, missing expectations of 86.1, signalling a deteriorating business outlook.

Additionally, weak PMIs across Germany and France, including French Manufacturing PMI at 44.0 and German Manufacturing PMI at 40.3, further underscore sluggish growth.

The Belgian NBB Business Climate also dropped to -13.3. With no major data scheduled for Wednesday, traders assess the euro’s vulnerability amid ongoing economic challenges in the Eurozone.

EUR/USD Technical Forecast

The EUR/USD is trading at $1.11928, up 0.12%, as it hovers near key resistance at $1.11992. A break above this level could push the pair toward $1.12130 and $1.12233, signalling further bullish momentum.