The declines in the US dollar index saw the euro rising modestly on Monday, as economic data from the eurozone was sparse.
Germany’s wholesale prices fell 0.1% on the month missing estimates of a 0.2% increase. This marks a decline from 0.4% previously. Italy’s industrial production also fell by 0.4%, in line with expectations.
EUR/USD Could be Testing for Resistance
The current reversal in the currency pair comes following the declines. However, prices turned around, just shy of the lower support area at the 1.1000 region.
If the current bullish momentum holds, then the EURUSD should be testing the price level of 1.1075 – 1.1062. If this level holds as resistance then the declines could resume.
