The euro currency posted modest gains on the day, rising 0.20%. The producer price index rose 0.2% on the month in April, missing estimates. The trade deficit for March was at $50.0 billion, slightly higher than the median expectations. Data from the eurozone is sparse with only the regional industrial production figures due later today.
EURUSD Steady at 1.1226 Resistance
The currency pair rallied initially to intraday highs of 1.1250 before pulling back to settle at 1.1226 resistance. Although price action has moved to the upper range of the corridor, a follow-through is required. A daily close above 1.1226 could confirm the upside bias as the euro will then have to break past 1.1246 resistance. There is the scope that the common currency could give up the gains and move back into the range.
