Core Viewpoint - The Euro is trading lower against the US Dollar, currently around 1.18, as the market digests mixed PMI data and focuses on the future policy direction of the European Central Bank (ECB) [1] Group 1: Economic Indicators - The HCOB Eurozone Composite PMI rose slightly to 51.2, matching expectations of 51.1, indicating the fastest expansion in the private sector in 16 months [1] - Service sector growth exceeded expectations, while the manufacturing sector returned to contraction, underperforming forecasts [1] - France's data was disappointing, whereas Germany outperformed market expectations [1] Group 2: Central Bank Policy - The ECB has recently indicated that the rate-cutting cycle may be over, highlighting ongoing inflation risks related to tariffs, services, food prices, and fiscal policies [1] - Market attention is shifting towards upcoming speeches from ECB and Federal Reserve officials for further guidance [1] Group 3: Technical Analysis - The Euro to Dollar Bollinger Bands show a middle band at 1.1685, upper band at 1.1780, and lower band at 1.1591, with the current price at 1.1792 slightly above the upper band [2] - A further breakout could target the upper wave high of 1.1829 and the psychological level of 1.1900 [2] - The MACD indicates a positive but not overheated momentum, with DIFF at 0.0030, DEA at 0.0021, and a column at 0.0018, all above the zero axis [2]