EUR/USD (current price: 1.0658)
The Euro continued its recent decline yesterday following the release of the worse than expected German Trade Balance data. The bullish weekly U.S. Unemployment Claims number also pushed the cross lower. U.S. Wholesale Inventories were in line with expectations in January, coming in at 1.0%. Donald Trump’s tax-related announcement helped the Dollar to a new 2-week high against the common currency. The long-term trading range between 1.0350 and 1.0850 remains intact after this week’s correction.
Our assessment: The cross remains near its weekly lows this morning after yesterday’s choppy session. The long-term support near 1.05 might be tested in the coming days.
