EUR/USD Set To Extend Decline

EUR/USD Set To Extend Decline

Forex4you  | Feb 11, 2019 04:02AM ET

The euro seems ready to extend its decline against the U.S. dollar following a week full of drops. This comes from the market's concerns on European economic growth.

EUR/USD fell all five days of the last week, the next support is at 1.1300, but the range between 1.1200 and 1.1500 is still in play. So, a break below the 1.1300 is expected too.

GBP/USD, on the other hand, seems to be in horizontal movements following last week declines from 1.3200. The Sterling looks well supported by the 1.2850 level. Fundamental data in the United Kingdom have deteriorated, and another Brexit problem is pushing the Pound down.

The event of the week will be consumer price index data for January in the United States that will be published on Wednesday, February 14. Yearly inflation in the United States is expected to have declined from 1.9% December to 1.6% in January. The market expects CPI ex-food and energy to show a 2.1% yearly inflation.

Forex4you

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