France Manufacturing Confidence is falling

France May Manufacturing Confidence was much lower than expected.


This morning, France May Manufacturing Confidence was released at 70, much lower than the 85 expected. On its side, the May Consumer Confidence was published slightly higher than the 92 expected, at 93. French Q2 GDP may also fall by 20%, according to INSEE.

From a technical point of view, on an intraday chart, EUR/USD has broken below an internal rising trend line and stands below its moving average (in blue). Readers may therefore consider the potential for further weakness below resistance at 1.0975. The nearest threshold would be set at horizontal support at 1.0940 and a second one would be set at set at horizontal support at 1.0930 in extension.

Source: TradingView, GAIN Capital

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