EUR/USD down again on Monday but settles right at ST support at 1.3188

FXstreet.com (Barcelona) - The EUR/USD simply continued the negative trend that was in place last week as it reacted once again to weaker-than-expected German data with a lower close.

Bad German data + no US data = mildly lower EUR/USD

EUR/USD fell once again on Monday as German Manufacturing PMI came in slightly below expectations while the rest of Europe actually met or exceeded expectations. Tuesday, traders will get to digest EuroZone PPI, US ISM Manufacturing PPI and US Construction Spending.

Technical outlook for EUR/USD

Technicians say EUR/USD has broken down short-term, but that it now rests at the first of two Fibonacci projections at 1.3188. Below that is the other Fibonacci support at 1.3151. Resistance comes into play at 1.3297 and 1.3355.