The European currency continues losing its positions against the US Dollar. The pair was falling due to strong macroeconomic data, released in the US. In particular, core personal consumption expenditure price index came in at 1.7% indicating an increase in inflation. Therefore, there is a chance that the Fed will be raising its interest rates this year.
At the same time, the European currency is weakening, as market participants suggest the ECB, in its turn, will keep loose monetary policy in the eurozone. Moreover, due to worsening global economic conditions, many central banks have to sell their euro assets in order to support national economies. Thus, the pressure on the European currency tends to increase.
Support and resistance
From the technical point of view, long positions can be opened in case of a short-term upward correction.
The nearest support level is at 1.0809.
The nearest resistance level is at 1.1015.
Long positions can be opened from the level of 1.0809 with the target at 1.0860 and stop-loss at 1.0790.