The New York trading session witnessed a movement of the currency pair EUR/USD on the upside at the start of the day. It crossed the limit of 1.20. However, it couldn’t maintain the psychological level, and it reversed back following the mixed Eurozone data.
The inflation figures of Eurozone plunged more than the anticipation while German manufacturing PMI got revised even below. On the other hand, Spain is finding it tough to cope up with the second wave of the coronavirus pandemic with schools on the brink of opening. If the situation continues to worsen, then the government will be forced to deploy and institute new laws.
A recent data exhibited that the Eurozone economy was losing its charm. Hence, the dips are more likely to take place for the EUR/USD. It means that the price may test itself near 1.1850 in the coming days. Technically, the currency pair can test nearly 1.1800 easily.