EURO UNDER PRESSURE AFTER WEAK PPI DATA

The EURUSD pair continues to slip lower, hitting 1.1333, as weaker than expected monthly producer price data for the eurozone came in at –0.4%, far worse than the previous month's figure.

At present sellers retain intraday control of the pair whilst trading below the daily pivot, at 1.1378. Any short term bounces from euro are currently being sold, as the pair moves towards strong intraday resistance from the monthly pivot point, at 1.1330.

The euro remains bearish on all lower time frames whilst trading below the 1.1350 level.

Intraday resistance for the EURUSD pair is found at 1.1378, and the H4 time frame, 20 period moving average, at 1.1405.

To the downside, support for the EURUSD below the monthly pivot point is found at the H4 timeframe moving average, at 1.1311, and the June 28th swing price low, at 1.1291.