The common European currency keeps on losing value against the US Dollar. This tendency has been going on since yesterday. Yesterday, EURUSD declined down to 1.3120 amid low volatility. The decline started from 1.3145. This is yesterday's intraday high. Amid satisfactory industrial production figures from Italy, Spain , France and Germany, the currency pair dropped to 1.3114 later on that day.
As of today's trading session, it started from a slight increase for the common European currency. The rally reached 1.3136 on positive employment stats from Spain . However, while being under the bearish pressure, the bulls failed to stand the ground and let the price go down 1.3114. At this point this is today's intraday low.
Meanwhile, it is reported that the Eurozone's inflation reports indicate weakness.
In particular, a couple of hours ago, the market found out the latest PPI figures. The index dropped by 0,1% in the Eurozone's major economies and by 0,2% in the peripheral economies of the region, according ot Eurostat.
In June, prices gained 0,2% and 0,1% in the Eurozone and the EU respectively. In July 2014, the PPI dropped by 1,1% as compared to July 2013. The drop is mainly caused by a decline in the energy sector. The indicator remain weak, analysts report
EURUSD – Forex Outlook
As far as EURUSD is concerned, Masterforex-V Academy can offer us the results of the comprehensive analysis conducted by some of its best trading experts. It is shared so that we could find out the near-term prospects and make weighted trading decisions.
This is still a mid-term downtrend. The bears are still dominating the market of EUR/USD. A new bearish count has been underway from 1.3411. At this point, this seems to be a 3-wave count. 2 waves are completed: wave 1.3411-1.3152 + correction 1.3152-1.3218.
Another wave is going down from 1.3218.
At this point, the experts assume that the likelihood of a further price decline in the market of EURUSD is pretty high. The descending sloping channels shown in the chart below are currently considered the closest levels of resistance.
