EUR News

Germany's manufacturing employment increased in April from a year ago, data from Destatis showed Friday.

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EURUSD failed to break below the 1.1109 key support and stays in the trading range between 1.1109 and 1.1295, indicating that the pair remains in the uptrend from 1.0569 (Apr 10 low), and the sideways movement in the range could be treated as consolidation of the uptrend. As long as 1.1109 support holds, the uptrend could be expected to resume, and another rise towards 1.1450 is still possible after the consolidation. The key support is at 1.1070, only a break below this level could signal completion of the uptrend.

German economy will probably grow appreciably also in the second quarter, Commerzbank analyst Ralph Solveen said, citing the bank's Early Bird indicator.

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Belgium's consumer confidence dropped to its lowest level in four months in June, after remaining unchanged in the previous two month, survey data from the National Bank of Belgium showed Tuesday.

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EURUSD is facing 1.1109 support once again, a breakdown below this level could take price to the key support level at 1.1070. Below this level will confirm that that the uptrend from 1.0569 (Apr 10 low) had completed at 1.1295 already, then the following downward movement could bring price into 1.0800 zone. On the upside, as long as 1.1109 support holds, the fall from 1.1295 could be treated as consolidation of the uptrend, and one more rise towards 1.1450 is still possible after the consolidation.

The European Central Bank will decide to wind down its government bond purchases based on inflation even if the spreads for any country would rise as a consequence, ECB Executive Board member Peter Praet said. "As a central bank, we conduct monetary policy for the whole of the euro area," Praet, who is also the ECB chief economist, said in an interview to the German magazine Der Spiegel.

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EURUSD moved sideways in the bottom of the trading range between 1.1109 and 1.1295. A clear break below 1.1109 support will indicate that the uptrend from 1.0569 (Apr 10 low) had completed at 1.1295 already, then the pair will find the next support level at around 1.0800. On the upside, as long as 1.1109 support holds, the fall from 1.1295 could be treated as consolidation of the uptrend, one more rise towards 1.1450 is still possible after the consolidation. Resistance is at 1.1295, a break of this level could signal resumption of the uptrend.

EURUSD failed to break below 1.1109 support and stays in the trading range between 1.1109 and 1.1295. As long as the pair is above 1.1109 support, the price action in the trading range could be treated as consolidation of the uptrend from 1.0569 (Apr 10 low), and another rise towards 1.1450 could be expected after the consolidation. Resistance is at 1.1295, a break of this level could signal resumption of the uptrend. On the downside, a breakdown below 1.1109 support will indicate that the uptrend had completed at 1.1295 already then the pair will find support at around 1.0800.

The European Central Bank will need to be prudent in withdrawing monetary stimulus as that can be done only gradually with the euro area still in need of considerable policy support to bring inflation back to target in a sustainable way, ECB President Mario Draghi said Tuesday.

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The European Central Bank needs to remain patient and persistent as euro area inflation trends are yet to show any convincing convergence towards the bank's target, ECB Executive Board Member and Chief Economist Peter Praet said Tuesday.

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