The EURUSD pair corrects, trading around the level of 1.1231.

The EURUSD pair corrects, trading around the level of 1.1231.

The European currency received some support after the data on business activity in the EU was released. French Manufacturing PMI for November reached 54.6 points instead of 53.6 for October. A similar indicator in Germany was 57.6 points, which corresponds to 57.8 points a month earlier. Manufacturing PMI in the EU countries is at 58.6 points, higher than 58.3 points for the previous period. Service PMI in France increased to 58.2 points from 56.6 points earlier. The same figure in Germany was 53.4 points, up from 52.4 points earlier. Finally, the EU Service PMI stood at 56.6 points, significantly better than the 54.6 points for October.

The positive trend of the European currency could not reverse the downtrend of the pair, which is under pressure from the growing US dollar. Yesterday, the American currency index renewed its year’s high around 96.560, when it became known that the candidacy of the incumbent head of the US Federal Reserve, Jerome Powell, was nominated for a second term. According to US President Joe Biden, the department under the leadership of Powell operates most effectively.

Support and resistance

On the global chart, the price moves below the support line of the global downtrend channel, and the sell signal from the indicators is strengthening: indicator Alligator’s EMA fluctuations range expands, and the AO oscillator histogram decreases in the sell zone.

Resistance levels: 1.1368, 1.1560.

Support levels: 1.1215, 1.1100.

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