EURUSD near the 1.1323 level and traded below the 1.1300 and 1.1280 support levels. More importantly, the pair are crucial bullish trend line with support at 1.1290. There was also a break below the 100 simple moving average and 200 simple moving average and the 50% Fib retracement level of the last major wave from the 1.1183 low to 1.1323 high. Recently, the pair even dipped below the 1.1250 support level and the 61.8% Fib retracement level of the last major wave from the 1.1183 low to 1.1323 high. On the downside, the main support is at 1.1215. If there is a break below the 1.1215 support, the pair is likely to revisit the 1.1180 support area. On the upside, an initial resistance is at 1.1268.

EUR/USD has lost ground on Thursday. Currently, the pair is trading at 1.1252, down 0.41% on the day. It’s a busy day for fundamentals. German manufacturing PMI dropped to 44.5 in March, shy of the estimate of 45.2 points. The all-eurozone manufacturing PMI posted a decline of 47.8, missing the forecast of 48.1 points. Over in the U.S., consumer spending is expected to rebound in March. Retail sales is forecast to improve to 0.9% and core retail sales is projected to climb 0.7%. The Philly Fed manufacturing index is forecast to dip down to 11.2, while unemployment claims is projected to rise to 207 thousand. On Friday, the U.S. releases building permits and the Treasury Department releases the semi-annual currency report.

Eurozone inflation is steady, but remains well below the ECB target of 2.0 percent. The eurozone annual inflation rate edged lower to 1.4% in March, compared to 1.5% in February. Low inflation means that the ECB is not under pressure to raise interest rates. After last week’s policy meeting, Mario Draghi noted that the economic outlook for the eurozone remains weak. With no interest hikes in sight and a sluggish eurozone economy, the euro will have likely have trouble making headway against the U.S. dollar.

Eurozone inflation is steady but remains well below the ECB target of 2.0 percent. The eurozone annual inflation rate edged lower to 1.4% in March, compared to 1.5% in February. Low inflation means that the ECB is not under pressure to raise interest rates. After last week’s policy meeting, Mario Draghi noted that the economic outlook for the eurozone remains weak. With no interest hikes in sight and a sluggish eurozone economy, the euro will have likely have trouble making headway against the U.S. dollar.

EUR/USD continues to have an uneventful week. On Wednesday, the pair is trading at 1.1308, up 0.24% on the day. On the release front, eurozone CPI dipped to 0.8%, matching the forecast. The eurozone trade surplus jumped to EUR 19.5 billion in February, its highest level since April. There are no major U.S. events on the schedule. Thursday will be busy on both sides of the pond. Germany and the eurozone release services and manufacturing PMIs, and the U.S. posts retail sales and unemployment claims.