Euro is weaker today, giving up 0.06 percent against USD as the macro data from EU failed to impress investors. EU Industrial production came in at 0.9% month over month strongly beating the expectations of 0.2% in May and after dropping by 0.4% in April, On year over year basis, the factory output shrunk by 0.5% in May versus forecasts of -1.6%. The United States Producer Price Index, year over year, came in at 1.7%, above forecasts of 1.6% for June.
On the technical side, the short term momentum is neutral. On the downside the pair will find support at 1.1238 the low from the European session while more bids will probably emerge at 1.1201 the low from July 10th. Immediate resistance for the pair stands at 1.1275 today’s high and then at the psychological 1.13 round figure, a break above can lead prices up to 1.1325 the 200 day moving average before an attempt to yearly high.In the 4-hour chart the momentum has turned bearish as the pair breached today the 200 and 50 moving averages.