Global macro overview for 24/07/2015:
The series of economic indicators from two core countries of the EU, Germany and France, has revealed a broad but slight decline in the PMI services and manufacturing numbers. French manufacturing PMI came at 49.6 vs. 5.1 expected and 50.7 prior. French services were even worse with the number of 52 vs. 53.9 and 54.1 prior. German data was no better than the French one, with manufacturing PMI at the level of 51.5 vs. 52.1 expected and 51.9 prior. A decline in service came at the level of 53.7 vs. 54.1 expected and 53.8 prior. All in all, the PMI news for the whole EU was worse than expected too: services at the level of 53.8 vs. 54.2 expected and manufacturing at the level of 52.2 vs. 52.5 expected.
As this data is a good gauge to measure the overall economic situation, the initial market reaction on the EUR/USD pair is not optimistic at all. After bouncing form the key support at the 1.0815 level on a daily chart, EUR/USD was too weak to even challenge the descending trendline and now it looks like it will continue the decline to test the support once again.