The common currency was seen extending declines on Tuesday as the pair lost a modest 0.07% on the day. Producer prices report for the eurozone saw a 0.1% increase on the month in March, missing estimates of a 0.2% increase. This was also slower than February’s gains of a revised 0.3% increase.
Will the EURUSD Reverse Declines?
The euro currency closed on Tuesday with a potential reversal pattern. But we need to see a bullish close on the day today to confirm this view. A rebound off the lows and a close above 1.1217 could confirm a move to the upside. The main resistance level at 1.1249 will be key in capping the gains. The Stochastics oscillator, however, signals that the upside momentum remains weak.
