EURUSD SELLING LIKELY TO INCREASE BELOW 1.1610
The euro continues to decline against the U.S dollar on Monday, despite a series of stronger than expected economic data releases from the Eurozone. The EURUSD currently trades around the 1.1590 level, as U.S dollar index strength continues to force the pair lower. Earlier, the Eurozones Sentix Investors Confidence Survey rose sharply for the month of November, with the German reading hitting an all-time High. October PPI inflation figures also continued to improve in the Eurozone, with a 0.6 percent monthly gain.
The EURUSD pair remains strongly technically bearish while trading below the 1.1610 level. Intraday euro selling is likely to increase below 1.1610, with further declines towards the 1.1573 and 1.1510 levels expected.
Should price action move back above the 1.1610 technical level, euro buyers will likely push price-action back towards the key 1.1640 resistance level.