Vasilis Tsaprounis
Independent Analyst
Τhe single European currency marginally loses some ground in early trading hours on Tuesday with 1,11 level again under challenge.
Yesterday's eurozone manufacturing and services sectors data disappointed weighing on sentiment for the euro as concern over the European economy remains high on the agenda.
This development put pressures on the European currency which temporarily fell below the level of 1,11 to recover again on the afternoon of Monday alongside the announcement of the corresponding macroeconomic data from US economy which although were more closer to estimates did not have a positive tone.
Υesterday's data came to reinforce my thinking as it was reflected in yesterday's article considering that the continued positive dynamics of the European currency and the easy breakdown of last year's highs at 1,1270 will not be an easy task.
Ιn general, the market picture does not present significant differences, the exchange rate remained in a known range of variation near the levels 1,11 - 1,1150, confirming once again the fact that investors remain extremely cautious and avoid taking large bets.
On today's agenda the only thing that stands out is the Ifo Institute survey on business climate and prospects of German economy while on the other side of the Atlantic the only important on today's agenda is the consumer confidence index.
Without any significant surprise the scenario of limited volatility without significant distance from current levels gathers good probability.
I remain in my thoughts and desire to buy the US currency at some new sharp peak near the 1,12 levels or maybe well above.
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