Euro is on its way to challenging a multi-year low at 1.0339 EUR EURUSD $EUR $EURUSD
The US Producer Price Index held near a multi-decade high, rising 11% YoY in April.The EUR/USD pair trades at levels last seen in January 2017 after losing roughly 150 pips on Thursday. The greenback rallied on the back of, the latter a result of the usual suspects: growth-related concerns, overheating inflation, and the global consequences of the Russian invasion of Ukraine.
On Friday, the EU will release March Industrial Production, while the US will release the preliminary estimate of the May Michigan Consumer Sentiment Index, foreseen at 64, down from 65.2 previously.The EUR/USD pair is currently changing hands at around 1.0370, and the daily chart shows that the bearish momentum persists, despite oversold conditions. Technical indicators have turned lower, maintaining their downward slopes within extreme levels.
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