The euro weakend against the U.S. dollar yesterday on the back of weaker economic data. EURUSD closed the day just above near-term support at 1.3585.
From the latest data, manufacturing activity in the Eurozone grew at a slower pace and German consumer prices declined for the second month in a row. Low inflation was the key reason why the ECB cut interest rates and the lack of improvement only makes easing more necessary.
With latest comments from ECB member, we expect that EURUSD will continue to move lower ahead of this Thurday annoucement and data.
Next target for EURUSD is 1.3476 and our strategy today is watching for sell signals to short again.
Forex Trading Signals:
+1.3970 – 1.400
+1.380 – 1.386
+1.3700 – 1.3730
Forex Signals 247