Today, the euro fell sharply against most majors following the release of disappointing data from the EU. (forexfactory.com)The German ZEW Economic Sentiment reading is key, and it came down to 6.4 in May after showing 11.2 in April. This indicator shows optimism above 0, and pessimism below 0. But the main thing is that it fell, also, since the end of 2015, this reading has been just hovering above 0. On the other side, the FOMC is relatively hawkish compared to teh ECB, and is looking to raise rates later this year. Some Fed watchers are calling for a hike as early as June, while most anticipate one around September. This is giving the EUR/USD more pressure.EUR/USD 4H Chart 5/24(click to enlarge)I have been fading the EUR/USD, and price has reached both of my targets. I did talk about extending the second target to 1.11, which would probably have been wise. I think if there is a pullback, we should monitor the 1.12 level for resistance to drive the EUR/USD further towards 1.11. There could be downside risk toward 1.10, which would bring the pair to the middle of a consolidation range that has been developing for over a year now.