EURUSD trigger stop loss orders, 1.1145 is key for bears
The EURUSD is lower today, likely due to profit-taking and the lower-than-expected Spanish inflation figures. Spanish inflation dropped from 2.8% annually to 2.2%, below the anticipated 2.4%. The German government will release its inflation figures in the afternoon, followed by the official Euro area inflation data tomorrow.
From a technical standpoint, today's slide triggered stop-loss orders below Wednesday's and Thursday's lows at 1.1096, shifting the short-term trend to bearish below 1.1145. There's a risk of further profit-taking, potentially driving the price towards 1.1050.
However, the longer-term trend remains bullish and will likely stay as long as the price holds above 1.09. Therefore, today's decline appears to be more of a short-term correction than anything else.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
From a technical standpoint, today's slide triggered stop-loss orders below Wednesday's and Thursday's lows at 1.1096, shifting the short-term trend to bearish below 1.1145. There's a risk of further profit-taking, potentially driving the price towards 1.1050.
However, the longer-term trend remains bullish and will likely stay as long as the price holds above 1.09. Therefore, today's decline appears to be more of a short-term correction than anything else.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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