The euro remains under pressure. Inflation data on the euro area
The single currency continues trading under pressure against the US dollar, amid mixed preliminary inflation data in the Eurozone.
- According to published data, the consumer price index in February fell to the level of 1.2%, compared to the previous value of 1.3%.
- The basic index of consumer prices on an annualized basis maintained growth at 1.0%, exceeding the forecast at 0.9%.
Technical analysis: Against the background of yesterday’s decline in the pair EUR/USD on the chart D1 formed “Double top“. In the case of fixing the price below the psychology of 1.2200, one should expect the development of the “Double top” and the further reduction of the price of the instrument to the levels of 1.2090, 1.2000.
Fig. EUR/USD. The current price is $ 1.2209.
Alexander Sivtsov