The European economy is suffering recessionary economic conditions and a good indication of the future will be the measures of CPI/inflation and GDP/growth, in the coming week. Recent spikes in inflation, if confirmed by CPI data this coming week, will encourage the ECB to hold rates and extend the tight monetary conditions. Negative growth will only add pressure to the ECB to cut rates, so the data this coming week is of major significance.
Current Level: 1.6461
Resistance: 1.6595
Support: 1.6390
Last Weeks Range: 1.6433 – 1.6570