EURUSD made an attempt above the 1.08 mark in early trading but the sellers for one more time managed to push the pair below close to three-year lows. The pair is under selling pressure the last three weeks after a series of weak economic data from Germany and the European Monetary Union.
Earlier today the Germany Producer Price Index (month over month) came in at 0.8% above the expectations for 0.2% in January. Meanwhile the German Gfk Consumer Confidence Survey came in at 9.8 in line with consensus.
Yesterday the common pair got a hit on the chin, as The European Monetary Union Construction Output dropped to -3.1% from previous 0.73% on December. The largest decreases in production in construction came from Germany (-8.7%), Poland (-3.4%) and Hungary (-3.0%). Increases were observed in Slovakia (+3.4%), Czechia (+1.6%) and Sweden (+0.3%). The yearly reading for the Construction Output in European Monetary Union came in at -3.7%, below the expectations of 1.4%.
EURUSD is 0.07% lower at 1.0795 ahead of the ECB minutes that are scheduled for release later today. EURUSD outlook is negative and any upward moves should be considered as a selling opportunity.
On the downside, the daily low at 1.0777 would provide the first support for the pair. If EURUSD breaks below the next target would be the 1.0708 low from April 20, 2017. More bids for Euro might emerge at 0.0681 the low from April 21, 2017.
On the flip side, first resistance for the pair stands at 1.0815 the daily high. A break above would meet the next resistance at 1.0850 the high from February 17. Next critical level to watch on the upside is the February 12th high at 1.0925.