The Flash PMI Services, Manufacturing and Composite data released this morning showed that the economic activity of the Eurozone ended the first quarter of 2018 with the slowest growth in more than a year, disappointing the forecasts. According to the report, the new European companies were again hit by a strong euro exchange rate through the pocket.The research group Markit stated that its PMI Composite index for the Eurozone, perceived as a guide to the state of the economy, fell to 55.3 points this month, much below forecasts at 56.7 points, against the February reading of 57.1 points. Both Flash Manufacturing and Services PMI's were below the expectations and below the last month's reading as well.The slowdown may be widespread, while the latest data from Germany showed that growth in the largest economy in Europe slowed down more than analysts expected (Manufacturing 58.4 vs. 59.2; Services 54.2 vs. 55.0). Moreover, the PMI Index for another European country suggests that the pace of expansion in France has also weakened, with both Flash Manufacturing and Services PMI's data below the analyst's expectations (Manufacturing 53.6 vs. 56.3 expected, Services 56.8 vs. 57.1 expected).Let's now take a look at the German DAX Index technical picture at the H4 time frame after the news was published. The DAX reaction to data was bearish as the technical support at the level of 12,204 was broken. The price is now trading close to the middle of the short-term, trading range, eyeing the next technical support at the level of 11,955. Only a sustained breakout above the black trend line around the level of 12,500 would change the bearish bias.
