EUR/USD faces downside risks as weak eurozone PMI data support the dollar

Traders Union
All News
Currency
EUR/USD faces pressure from economic weakness

Top Stories

Editors' Picks

Stocks

Crypto

Economics

Currencies

Commodities

Business & Wealth

Market Voices

Anton Kharitonov

23.10.2026

EUR/USD faces downside risks as weak eurozone PMI data support the dollar — EUR/USD faces pressure from economic weakness

EUR/USD is trading around 1.1200 on October 23, continuing to face pressure after another failed attempt to consolidate above 1.1240–1.1250. On the hourly chart, the pair has fallen below its main moving averages, which are mostly concentrated around 1.1210–1.1230.

EUR/USD price prediction

24H 0.23%

1.1189

48H 0.39%

1.1206

7D 0.41%

1.1209

1M -1.45%

1.1001

3M -2.47%

1.0887

6M -0.9%

1.1062

12M -2.74%

1.0857

Current price: $1.1163 0.001690 0.15%

Real-time Data 15:56

Daily range 1.1108

1.1172

Weekly range 1.1113

1.1226

Loading...

Eurozone slowdown adds pressure on euro

Additional pressure on the euro came from today's preliminary eurozone business activity indices, which confirmed a slowdown in economic growth at the beginning of the fourth quarter. According to preliminary S&P Global data, the eurozone Composite PMI declined from 53.1 to 51.9 in October, compared with expectations of 52.7, reaching its lowest level in four months.

A particularly noticeable deterioration occurred in France, where the composite index fell from 51.1 to 48.4, returning to contraction territory. The Services PMI declined to 48.4 against a forecast of 50.7, while the Manufacturing PMI came in at 49.3 instead of the expected 50.5. The situation in Germany appears more resilient: the manufacturing index rose from 53.9 to 54.2, but the Services PMI declined from 52.9 to 51.7, while the composite index fell to 52.8.

French bond yields raise economic concerns

The situation in the European bond market also remains challenging. The yield on 10-year French government bonds previously reached approximately 5.14%, its highest level in 24 years, amid budget problems, political uncertainty, and concerns about the sustainability of public finances.

The economic situation in the U.S. remains relatively more resilient, continuing to support the dollar. Data released on October 22 showed that initial jobless claims declined to 194,000 from 200,000 the previous week, confirming the absence of significant deterioration in the labor market.

Today, attention shifts to the preliminary U.S. PMI figures, with forecasts suggesting that activity in manufacturing and services will remain relatively strong, as well as the final University of Michigan Consumer Sentiment Index and consumers' inflation expectations.

Key resistance limits recovery potential

Thus, the fundamental situation does not yet provide convincing grounds for a sustained recovery in EUR/USD, but there are currently no reasons for a deeper decline either. Nevertheless, the risks of a drop toward 1.1160–1.1120 remain high. A break above resistance at 1.1260 would lead to a rise toward 1.1300–1.1330, but further recovery in the euro, as stated in EUR/USD under pressure amid macro divergence and central bank outlooks, may still be used as an opportunity to sell.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

Did you like the article?

Editor's Picks for You

From PlayStation to crypto: Why Sony is building its own blockchain

By Ksenia Gerey
9 hours ago

From PlayStation to crypto: Why Sony is building its own blockchain

Editors' Picks

Google loses billions: What’s behind Alphabet’s stock crash?

By Oleg Tkachenko
11 hours ago

Google loses billions: What’s behind Alphabet’s stock crash?

Editors' Picks

The end of Bitcoin’s growth era: Why prominent investors doubt its future

By Olena Litvinenko
Yesterday

The end of Bitcoin’s growth era: Why prominent investors doubt its future

Editors' Picks

All Editors' Top Picks

Latest EUR/USD News

EUR/USD remains in a strong downtrend as ECB decision approaches

By Anton Kharitonov
7 hours ago

EUR/USD remains in a strong downtrend as ECB decision approaches

Currency

#Forecast #EUR/USD

EUR/USD remains under pressure near 1.1125 ahead of Fed rate decision

By Anton Kharitonov
Yesterday

EUR/USD remains under pressure near 1.1125 ahead of Fed rate decision

Currency

#Forecast #EUR/USD

EUR/USD remains vulnerable near October lows ahead of central bank decisions

By Anton Kharitonov
27.10.2026

EUR/USD remains vulnerable near October lows ahead of central bank decisions

Currency

#Forecast #EUR/USD

All EUR/USD News

Ksenia Gerey
9 hours ago

From PlayStation to crypto: Why Sony is building its own blockchain

Oleg Tkachenko
11 hours ago

Google loses billions: What’s behind Alphabet’s stock crash?

Olena Litvinenko
Yesterday

The end of Bitcoin’s growth era: Why prominent investors doubt its future

Eugene Komchuk
Yesterday

WeFi CEO: Banks are overstating the threat from stablecoins

Dmytro Kharkov
Yesterday

HSBC’s warning signs point to a bigger risk for global banks

Ksenia Gerey
28 min ago

Robert Breedlove: Proper Bitcoin custody can prevent forced access

Elena Nikulina
43 min ago

Afzal Lokhandwala: CRL rises 20 percent since October 20 entry

Hanna Syniavska
47 min ago

Dean Baker: China AI stocks lose 40 percent of value, $480 billion drop

Daria Chernytska
56 min ago

Dan Held: Teaching Bitcoin and technology careers at University of Texas

Yulia Slavina
56 min ago

Private domestic sales show signs of economic overheating, Mike Shedlock notes

Top News

Hanna Syniavska
4 hours ago

ECB leaves interest rates at 2.5% as inflation pressures persist

ECB leaves interest rates at 2.5% as inflation pressures persist

Eugene Komchuk
5 hours ago

Christine Lagarde announces early resignation as ECB president

Christine Lagarde announces early resignation as ECB president

Olga Shendetskaya
6 hours ago

Brent drops below $110 as Middle East peace talks ease supply concerns

Brent drops below $110 as Middle East peace talks ease supply concerns

Andrey Mastykin
6 hours ago

Nasdaq futures decline as Alphabet sparks tech selloff

Nasdaq futures decline as Alphabet sparks tech selloff

Olga Shendetskaya
9 hours ago

ECB set to hold rates despite inflation and French bond market turmoil

ECB set to hold rates despite inflation and French bond market turmoil

Top 5 companies for you

United States

Live News

Anton Kharitonov
Now

EUR/USD remains in a strong downtrend as ECB decision approaches

Jose Antonio Gastelum
Now

Cardano Foundation expands role in Swiss tokenized securities market

Mykhailo Ihnatenko
Now

Nvidia stock faces $210 risk as Alphabet earnings shake AI sentiment

Pavlo Kot
Now

Visa stablecoin settlement volume surges tenfold to $25 billion

Mykhailo Ihnatenko
Now

Ethereum price faces $2,200 risk as early holder activity and ETF outflows weigh

© IAFT Ltd., 2010-2026 All rights to the website are owned by IAFT Ltd.,
Registration number - HE 336186

Risk disclosure:

Information on the TradersUnion.com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Trading in futures and options carries substantial risk of loss and is not suitable for every investor.

That is why you should only invest money that you are prepared — or can afford — to lose at such high risks. Tradersunion.com does not provide any financial services, including investment or financial advisory services. Also, the Traders Union is not a broker and does not get money for trading in the Forex or CFD markets. Our website only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers.
Disclaimer:

Traders Union (TradersUnion.com) shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it.

Forex market, CFD and cryptocurrency trading involves high risks and is not suitable for everyone. Before investing money, you need to adequately assess the level of your expertise and be aware of the risks, particularly in the context of trading with leverage. The information on this website is not intended for distribution or use by any person in any country or jurisdiction, where such distribution or use would be in violation of the local law or regulation. Any payments by Traders Union (TradersUnion.com) to the users of our website shall be legally interpreted solely as an incentive on our part for the activity on the website in the form of a deduction of a part of the advertising income; they shall not be a subject of any claims of our users or our obligations, a subject of disputes, as well as cannot be considered in relation to the services provided to users by brokers, both in fact and in their completeness and volume. The administration of the website shall not be liable for the content of user comments and reviews about the companies and shall not verify whether the authors of the reviews are indeed real clients of a specific company. All reviews, both negative and positive are published on the website without verification of their reliability; only offensive reviews that call for violence or any kind of discrimination and also reviews published from one group of IP addresses are moderated and removed. The authors of the materials shall be fully liable for the accuracy, completeness and impartiality of any information in the articles and reviews, including in the context of their use or mention of any brand names or trademarks. All mentions of the names of companies and their brands in any materials on the website shall be made in the context of communication of socially important information to the people about their activities by independent journalists, who are the authors. All evaluations and indicators on the website express the subjective opinion of the authors of the reviews (articles) and shall not be viewed as accurate statements and be a subject of disputes and claims against Traders Union.
Disclosure of advertisers and revenues:

All the services on the Tradersunion.com website are free for you to use. Our team spends thousands of hours per annum researching brokers and gathering information about them to help investors all over the world to choose reliable companies and to avoid fraudsters.

Indeed, the curating, sourcing, and organization of this process requires substantial financial investment by Tradersunion.com, which the website earns in the form of advertising payments. There are two types of advertising services on the website — direct advertising or partner (broker) participation programs. However, no services purchased by our partners shall affect the recommendations on our website, or our opinions, or ratings. Our ratings are based on our objective rating criteria and methodology; and the results are always equally and fairly applied to each broker. The work of our content authors and research groups does not involve any interaction with our advertisers and they do not have access to data concerning the amount of advertising purchased. For over 10 years we consider our independence, absolute openness, and objectivity as our main priority. Please follow the links to each of our affiliated broker’s websites. This will help Tradersunion.com to continue to provide our services to you for free.