Euro declined heavily against the US Dollar, as buyers failed to protect losses.
There is a lot of bearish pressure noted on the shared currency, which might continue in the near term.
In the UK, the Rightmove House Price Index was released, which increased by 0.1% in July 2015, lower compared with the last gain of 3%.
EURUSD Technical AnalysisThe Euro weakened a lot recently against the US Dollar, and traded below 1.0880 support area. There was a lot of bearish pressure on the shared currency due to which buyers failed to maintain ground. The EURUSD pair traded as low as 1.0818 during the Asian session, and looks set for more losses in the coming sessions.There is a major bearish trend line formed on the hourly chart of the EURUSD pair, which is acting as a barrier for the pair. If the pair corrects higher from the current levels, then an initial resistance is seen around the 23.6% Fib retracement level of the last drop from 1.0905 high to 1.0818 low. Any further gains might take the pair towards the 50% Fib retracement level, which is sitting along with the highlighted bearish trend line.The hourly RSI is below the 50 level, suggesting more declines in the near term. On the downside, the recent low of 1.0818 is a support, which if broken might set the pair for a test of 1.0800. Any further declines might take the pair towards the 1.0760 support area.UK Rightmove House Price IndexEarlier today, the UK Rightmove House Price Index, which provides a sample of residential property prices in the UK was published. The outcome was on the lower side when compared with the last increase of 3%. The UK Rightmove House Price Index came in at 0.1% in July 2015. When we look at the yearly change, then the price index was up by 5.1%, which was higher when compared with the last gain of 4.5%.German PPILater today, the German Producer Price Index, which measures the average changes in prices in the German primary markets was released by the Statistisches Bundesamt Deutschland. The market is expecting no change in the index, and if the outcome misses the forecast the Euro might head lower in the short term.
The hourly RSI is below the 50 level, suggesting more declines in the near term. On the downside, the recent low of 1.0818 is a support, which if broken might set the pair for a test of 1.0800. Any further declines might take the pair towards the 1.0760 support area.UK Rightmove House Price IndexEarlier today, the UK Rightmove House Price Index, which provides a sample of residential property prices in the UK was published. The outcome was on the lower side when compared with the last increase of 3%. The UK Rightmove House Price Index came in at 0.1% in July 2015. When we look at the yearly change, then the price index was up by 5.1%, which was higher when compared with the last gain of 4.5%.German PPILater today, the German Producer Price Index, which measures the average changes in prices in the German primary markets was released by the Statistisches Bundesamt Deutschland. The market is expecting no change in the index, and if the outcome misses the forecast the Euro might head lower in the short term.
The hourly RSI is below the 50 level, suggesting more declines in the near term. On the downside, the recent low of 1.0818 is a support, which if broken might set the pair for a test of 1.0800. Any further declines might take the pair towards the 1.0760 support area.UK Rightmove House Price IndexEarlier today, the UK Rightmove House Price Index, which provides a sample of residential property prices in the UK was published. The outcome was on the lower side when compared with the last increase of 3%. The UK Rightmove House Price Index came in at 0.1% in July 2015. When we look at the yearly change, then the price index was up by 5.1%, which was higher when compared with the last gain of 4.5%.German PPILater today, the German Producer Price Index, which measures the average changes in prices in the German primary markets was released by the Statistisches Bundesamt Deutschland. The market is expecting no change in the index, and if the outcome misses the forecast the Euro might head lower in the short term.