Slow economic activity hurts EURUSD bulls

The EURUSD has been sacked out of the 1.1000 price handle after a series of economic data reports around the eurozone showed a decline in economic activities. The latest PMI report from France and German posted worse reading from the forecast and the previous month as the impact of higher interest rates weighs in. The EURUSD has failed to convincingly overcome the 1.1000 psychological level since this year, making it the third attempt. However, the bulls could be looking at stepping in from 1.0820, which is the support area of an ascending channel. The sentiment on the EURUSD still remains bullish given the hawkish position of the ECB. Failure to bounce from the support area could spark fresh fears of further price depreciation. #OPINIONLEADER#