EUR/USD Update – 20/06/2017 (12:05pm) – by Arjun Lakhanpal
June 20, 2017EUR/USD Update – 20/06/2017 (12:05pm): EUR/USD hovers at the lower end of last week’ range, trading around 1.1150. Early London saw German Producer Prices fall in May by 0.2% when compared to a 0.4% advance in April, up 2.8% yearly basis from previous 3.4%, and both numbers missing market’s expectations. The technical outlook is neutral-to-bearish short term, as the price extended its decline below its 20 and 100 moving averages. EUR is still trading between 1.1100 and 1.1300 for a fifth consecutive week, with relevant lows below the current level at 1.1110 and 1.1075. A break below this last should favour a steeper correction, with an immediate target being the 1.1000/30 region.
