Weak economic data continues to plague the eurozone. The latest construction reports show that activity declined in December. The construction output fell 3.1% on a month over month basis in December. This follows a 0.7% increase in the prior month. The weak construction data remains consistent with other economic reports for the month.
Downside Bias Alive in EUR/USD
The common currency continues to remain weak, albeit showing some signs of slowing momentum. Price action currently is consolidating right at the trend line with some downside bias in place. The Stochastics oscillator is also rather flat despite staying close to the oversold levels. Any correction will see a retest of 1.0839 in the near term.
