The Bundesbank said on Monday that the German economy entered into a recession in the three months through September. However, the central bank dismissed it by saying that there was no cause for concern. The comments came after German flash manufacturing PMI hit the lowest level in over a decade. Markit’s flash PMI for Germany fell to 41.4, down from 43.5 in August. Meanwhile, the GDP fell 0.1% in the three months to June 2019.
EUR/USD Gaps Lower, but Supported by Trend Line
The currency pair gapped lower on Monday’s open, but price managed to fill the gap intraday. Currently, EURUSD remains supported by the long-term trend line. But there is scope for the currency to break down even lower. The support area at 1.0950 and 1.09260 will come into the picture once again. For now, there isn’t much of a change in EURUSD’s technical chart.
