Euro Rebounds as Dollar Weakens and German Inflation Hits Record Low
Originally Published 2 years ago — by DailyFX
The Euro has found some relief against the US Dollar, defending the psychological level of 1.0500 as the Greenback weakens. German inflation showed positive signs, but Eurozone economic sentiment continues to decline. US data, including jobless claims and GDP, remains resilient, but cracks are starting to show in the housing market. The focus now turns to the PCE data and EU inflation flash number, which could have a significant impact on the market. From a technical perspective, EUR/USD is showing mixed signals, with a potential bullish engulfing candle close but also a potential death cross forming. Retail traders are currently net-long on EUR/USD.