EURO TURNS LOWER AFTER INFLATION DATA
The euro has made another move lower against the U.S dollar during the European trading session, following the release of weaker than expected eurozone inflation data. The EURUSD pair currently trades around the 1.1970 level, after earlier being sold aggressively from just above the key 1.2000 level. Traders now look towards the euro’s current monthly low, at 1.1937, and the release of Jobs and Manufacturing data from the U.S economy.
The EURUSD pair is strongly bearish while trading below the 1.2000 level, further losses towards 1.1937 and 1.1900 levels appears likely.
If the EURUSD pair gains bullish traction above the 1.2000 level, the focus will turn towards the 1.2013 and 1.2031 resistance levels.