German producer prices were seen rising 0.1% on the month in December. The data was slightly above estimates as economists forecast a flat reading. The increase in producer prices was also higher compared to the flat reading in November. The euro was, however, unmoved as the declines continue.
EUR/USD Continues to Drift Lower
The common currency continues its declines as it dipped to a one month low. Price action remains weak but it currently trades within the support area of 1.1100 and 1.10725. The Stochastics oscillator remains in the oversold level, however, and could indicate further declines in the near term. A breakout above 1.1100 will confirm the upside.
