Euro price prediction: Euro retreats 0.54% from yigh of $1.0887, trying to consolidate above $1.0830
Euro price prediction: Euro retreats 0.54% from yigh of $1.0887, trying to consolidate above $1.0830
The euro is under selling pressure against the US dollar after rising to $1.0887 on Tuesday. Currently, its decline from this level is 0.54%, and the bears are currently trying to break the support around the $1.0830 level, while the bulls are trying to consolidate above this point.
Yesterday's release of the U.S. Producer Price Index (PPI) was accompanied by a moderate burst of volatility, but the bulls were unable to take advantage of the decline in the index and break through the resistance. However, if they consolidate above $1.0830, they may attack $1.0870-10887 again; a loss of this support will take EUR/USD down towards $1.0810/00. The current pullback has taken the pair out of the overbought state.
Source: Euro (EUR) price prediction.
