The European currency tends to rise against the US dollar weakness. A number of key indicators for the euro area over the past week came worse than expected: producer prices for April dropped by 0.3%; the volume of retail sales decreased from 1.9% to 1.4% on an annualized basis.
EUR/USD technical analysis and forecast on June 7
The EUR / USD on Friday showed the breakdown of the corrective channel up quotes rebounded from the ascending channel’s lower border. The RSI is approaching the resistance level, the euro growth is limited by 1.1400. The EUR / USD forecast for 7 June 2016 considers the quotation increase up to 1.14, where “bulls” will take a break.
