Consumer prices in the eurozone rose to a slower pace of 1.4% on the year in March, official data showed on Monday. This was well below February’s headline inflation of 1.5% increase.
Excluding food and energy prices, core inflation slowed to a pace of 0.8%, marking the slowest increase since April last year. The common currency lost 0.11% on the day as a result. heavily oversold. Any gains could stall near 1.1217 where resistance is likely to
be established.
Will the EURUSD Declines Continue?
The currency pair slipped below the support level of 1.1217 on Monday and price action is now likely to test the March 7 th lows of 1.1174 if the bearish momentum continues. However, there is a risk that the euro could post a modest rebound with the Stochastics oscillator heavily oversold. Any gains could stall near 1.1217 where resistance is likely to be established.
