The sentiment in the euro is hit by the weak PMI’s from last week. But the currency rose slightly to post a modest 0.12% gain on the day. Economic data was sparse, and today’s docket will see the eurozone consumer confidence report coming out. Economists forecast the consumer confidence to hold steady at -7.
EURUSD Consolidating Into a Bearish Flag
The EURUSD has moved into a temporary holding pattern, forming a bearish pattern. The current retracement could see a downside breakout validating the bearish outlook. Closing below the recent swing low of 1.1228 could signal further declines. The minimum downside is at the support level of 1.1176.
