The euro currency was seen trading weak on Monday. Economic data on the day covered the final inflation figures for July. Data showed that headline inflation rose just 1.0% on the year ending July 2019. This was slightly below the estimates of a 1.1% increase from flash estimates. Core CPI, however, was unchanged at 0.9% as per the flash estimates.
EURUSD Looks Bearish, with Further Declines Likely
Price action in EURUSD looks increasingly bearish. The bearish flag pattern that is currently forming gives impetus to the bearish view. The downside target is toward the previous lows of 1.1030 with the possibility of a decline towards the 1.10080 region. Any upside will see the resistance level of 1.1140 stalling the gains.
