EUR/USD (current price: 1.1386)
The Euro has been drifting lower compared to the Dollar this , following the strong decline of last week. The pair is currently trading near the 1.1375 level that coincides with the rising trend-line that has been supporting it since late November. The better than expected U.S. JOLTS Job Openings report pushed EUR/USD slightly lower yesterday, as both German and French Industrial Production numbers came in lower than analyst estimated, emphasizing the recession risks in the Eurozone.
Our assessment: EUR/USD might be ready to break below the advancing trend-line, but the long-term picture is still neutral, as both economies show signs of a slowdown.
