The euro currency continues it declines, set off by the ECB meeting on Thursday last week. By Friday’s close, the Euro was down by about 0.25%. Flash PMI’s for January from IHS Markit were better than forecasts. Private business activity was picking up momentum during the month. But the euro failed to capitalize on the data.
EUR/USD is on Track for a Decline to 1.1000
At the current pace, the common currency is on track for a test of support near the 1.1000 level of support. Price briefly rebounded but the gains were quickly rejected above 1.1050. A test of the support area near 1.1000 will signal a possible rebound given its psychological importance.
