EUR/USD (current price: 1.0555)
The Euro continued to lose ground against most of its major peers yesterday. The Flash Services and Manufacturing PMIs came in mostly above the consensus estimates in the Eurozone, with only the French Manufacturing measure disappointing investors. The French Final CPI Index was in line with expectations in January, but the positive reports didn’t help the common currency. The growing political fears still weighed heavily on the currency, as the Dollar pushed higher.
Our assessment: The pair re-tested last week’s lows yesterday, and it’s edging closer to its previous lows near 1.0350. Strong resistance is ahead at 1.06 and near 1.0850.
