EUR/USD price plunges below $1.18 on a setback in economic recovery

EUR/USD price tumbled further lower today following a plunge in the PMI data for August. The sellers are now in control of the price action in the short-term, as they aim for at least $1.1720.  Fundamental analysis: PMI data for August disappoints Eurozone flash manufacturing purchasing managers index (PMI) reports for this month were worse than expected as IHS Markit’s Flash Composite PMI plunged to 51.6 from the previous result of 54.9 in July.  “The latest flash PMI data for August in France and Germany would appear to point to a plateauing in economic activity, particularly in the services sector,