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The Downward Trend in The Euro Persists

At the European markets, the major currencies demonstrate mixed dynamics. Defensive assets (franc, yen, gold) are trading in the red, the rest — marginally higher. The main reason for the decline in risk-off assets is the stabilization of the stock markets. The situation in China has not improved. Investors and traders stopped selling stocks as Chinese index Shanghai Composite closed with a 0.34% increase.

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Demand for the dollar is supported by the growth of 10-year bonds yield, which gained to 1.589%. The EUR/USD pair is traded at 1.1055. The level 1,1048 serves as intraday support. Today the economic calendar is empty, so if the price drops below the designated level, traders will get the way to 1.1018. The formation of the time minimum is due to the Asian session on Wednesday.


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  • avatar-1424
    Antony
    • #

    I think the euro will slide further, looking forward some news from ECB.


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