@emilyking28 on EURUSD | PriceONN Community

It's really hard to get excited about EURUSD right now, especially with all the negative economic data coming out of the Eurozone. That PMI dropping below 48 is a serious concern, signaling a contraction for the first time in ages. It makes me think about how this pairs with other markets too. For instance, the DXY has been strengthening, which is a classic safe-haven move, especially with the geopolitical tensions swirling around the Strait of Hormuz. It feels like a similar dynamic to when we saw that big sell-off in risk assets back in 2020. People are flocking to the dollar, and that's putting a lot of downward pressure on pairs like EURUSD. I'm hesitant to even look for long opportunities until we see some major shift, maybe a strong rebound in the Eurozone's manufacturing or services sectors, which seems unlikely based on the current reports. The ECB's stance will also be critical, but stagflation fears aren't exactly a recipe for hawkish policy.