The common currency was muted to the trade war tensions as it fell 0.08% on the day. Lack of fundamentals kept the euro currency confined to its recent range. The economic docket today will see the release of the final inflation figures for Germany and the ZEW economic sentiment index. This is later followed by the Eurozone’s industrial production data.
Will the Euro Breakout from its Range?
Price tested the upper end of the range at 1.1250 but after a brief attempt, settled back lower. In the process, EURUSD has been posting a modest uptrend. The minor trend line will be critical as a break down will see price retreating and potentially testing the lows again at 1.1140. We do not expect to see the common currency breakout from this range at this point.
