Fxpips.com – The EUR/USD currency pair was down slightly as of Tuesday to retreat to fresh 1-month declines, as manufacturing activity in the Euro Zone stretched its slowest pace in a single year in February, heightening the pressure on the European Central Bank (ECB) to set in motion a more effective easing strategy at a highly-expected summit next week.
The EUR/USD forex pair traded between 1.0835 and 1.0894, before it ended at 1.0868, falling 0.0018 or 0.14 percent on the trade.
The euro has sinced retreated versus the US greenback in each of the past 3 trading and 11 of the past 13.
Since advancing to 3-month peaks on February 10, the euro currency has dropped over 3.76 percent versus its US counterpart.
The EUR/USD forex pair likely earned support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the peak from October 15.