European economic data remains weak, with German GDP growth falling back into negative territory. Manufacturing data out this week, confirms this sector remains in the doldrums, throughout Europe. Energy prices remain at the heart of the problem, which is not likely to change, any time soon. Sanctions continue to take a toll. The cross is likely to weaken back below 0.6100.
Current Level: 1.6273
Resistance: 1.6528
Support: 1.6125
Last Weeks Range: 1.6251- 1.6510