The euro currency was seen trading weaker on Friday. The losses came a day after the ECB hinted at restarting its QE purchases and also cutting interest rates even lower. The stronger greenback following the GDP report also helped to keep the pressure upon the euro currency. Meanwhile, ECB forecasts said that they expect inflation to be around 1.7% in the longer term while forecasting a 1.3% average inflation rate for 2019.
Will EURUSD be Able to Rebound off the Lows?
EURUSD price action is currently near the previously established lows of 1.1140. The common currency is supported by the trend line and the horizontal support area as well. This could potentially trigger a short term rebound. However, price could remain caught within the range of 1.1250 resistance area. To the downside, a close below 1.1140 could signal further declines, as the EURUSD could test 1.1100.
