EURUSD Breakdown: PMI Miss and Dollar Strength Collide

The session carries a distinctly cautious tone. The dollar is holding near six-week highs as conflicting signals on a potential US-Iran nuclear deal keep traders on edge, and European PMI data released yesterday painted a bleak picture — the eurozone composite came in at 47.5 against a 49.5 forecast, while services slumped to 46.4 [1]. That miss is hard to ignore, and it's doing real damage to EUR/USD, which is sitting near the $1.16 area and pressing against April lows. ECB President Lagarde offered little direction at the Eurogroup press conference, deliberately avoiding any guidance on the next rate decision [2], which leaves…