EURUSD: Is the euro losing momentum before PMI?Euro / U.S. DollarFOREXCOM:EURUSDProfessorSingaporeMacro analysis EURUSD is still supported by recent U.S. dollar weakness, but the pair is now trading in a sensitive zone. The Fed Minutes showed that inflation concerns are still alive: several Fed officials were ready to support a rate hike if inflation does not move clearly toward target. That limits how aggressively the market can sell the dollar. For the euro, tomorrow’s key trigger is the Eurozone S&P Global Manufacturing PMI Flash. On the chart, the event is marked for 21 Aug 2026 at 07:30 UTC, with forecast around 52.0 and previous 52.2. If PMI stays above 50, it supports the idea that the eurozone economy is still expanding. But if the number disappoints, EURUSD may struggle to hold recent gains. Chart view EURUSD rallied strongly from the lower support area and tested resistance near 1.1580-1.1590, but the latest candles show hesitation. Price is still above EMA20, SMA50 and SMA200, so the broader intraday structure remains constructive. However, momentum is cooling: RSI is still elevated near the upper zone, Stoch RSI has turned lower, and MACD is losing bullish strength. This means EUR/USD is not bearish yet, but the rally is no longer fresh. The euro needs strong PMI confirmation to keep pressure on resistance. Without it, EURUSD may pause or pull back after the sharp move higher. ⚠️ Not financial advice.