05.04.201823:54 Forex Analysis & Reviews: Euro buyers do not have landmarks

The euro continues to remain under pressure paired with the US dollar, like the British pound, after the release of weak statistics indicating a possible slowdown in the growth of the eurozone economy and the UK.

In the morning, data came out that indicated that orders in the manufacturing sector in Germany in February this year, although showed growth, clocked in less than expected. This happened because of weak domestic demand.

According to the report of the Federal Bureau of Statistics, the volume of orders for goods produced in Germany in February rose by 0.3% compared with the previous month, while economists predicted that growth will be 1.5%. Internal orders decreased by 1.4% compared to the previous month. External orders showed an increase of 1.4%.

Retail sales in the euro area in February were worse than economists had expected. Most likely, such a low figure will necessarily affect the economic growth in the region.

According to the report of the EU statistical agency, retail sales in February 2018 increased by 0.1% compared to January and by 1.8% compared to February 2017. Economists had expected sales growth of 0.5% compared to January. Data for January were revised for the worse. In January, sales declined by 0.3% compared to December, while previously reported a decrease of 0.1%.

As for the technical picture of the EURUSD pair, the development takes place according to the bearish scenario, which I have been talking about for several days in a row. Breakthrough of the support level 1.2240 will result in a larger downward trend in the trading instrument, with the update of new lows of 1.2195 and 1.2150.

The British pound slipped down against the US dollar in the morning after the release of data on the activity in the service sector of the UK, which in March this year grew the slowest in the last year and a half. According to a report by research company IHS Markit ,the PMI's purchasing managers index for the UK services sector fell to 51.7 points in March against 54.5 points in February. Economists had expected that in March the index would be 54.0 points. Let me remind you that even though the index fell, values above 50.0 indicate an increase in activity.

The Australian dollar declined against the US dollar, despite data from the Australian Bureau of Statistics, which indicated that Australia's foreign trade surplus was growing. So, the positive balance in February 2018 was 825 million Australian dollars, while in December there was a deficit of foreign trade.