Today the pair continued growing despite the publication of mixed data in the eurozone. The Producer Price Index for December fell to -0.8% that was substantially worse than forecasts of economists. At the same time, the Unemployment Rate slightly fell as well, from 10.5% to 10.4%. Therefore, continuous decline in prices could force the ECB to expand its stimulation program or cut interest rates further, either of which would significantly pressure the Euro .
Support and resistance
Support levels: 1.0894.
Resistance levels: 1.0943.
Short positions can be opened from the level of 1.0943 with the target at 1.0890 and stop-loss at 1.0955.