The euro was seen posting some modest gains on Thursday. The gains came largely on data from the US amid a lack of any fundamentals from the eurozone.
The Philly Fed manufacturing index fell to 0.3. This was well below the estimates of a decline to 8.1. The weekly unemployment claims also rose more than expected.
EUR/USD Testing the Trend Line
The currency pair is consolidating below the support level of 1.1131. Price action was briefly retesting the minor trend line as well as the confluence of the horizontal price level. As long as this price level holds, we do not expect to see prices rising further.
