The Euro (EUR) continues to trade down off the recent late August high of 0.7000 (1.4270) pushing back to 0.6710 (1.4910) today. The Euro did take on water late in the week as eurozone consumer sentiment hit a record low and manufacturing contracted further. ECB President Lagarde spoke Monday saying the economic situation was “darkening” and that inflation was “far too high”. She will continue to raise interest rates at the following meetings with fragile economic prospects and upwardly revised inflation forecasts. Euro flows should continue with prices in the cross possibly to take a look at 0.6515 (1.5350) support over coming weeks.
Current Level: 0.6702 (1.4920)
Resistance: 0.6965 (1.5280)
Support: 0.6545 (1.4360)
Last Weeks Range: 0.6684-0.6778 (1.4752-1.4960)