The Euro (EUR) slid down against the US Dollar (USD) stats with respect to the consumer PI were released by the Eurostat. With a reported figure of 0.9% the month before, it remained unchanged this month lower than expected by the economists i-e 1.0%.
The center Consumer Price Index put forward by Eurostat is a proportion of value developments by the examination between the retail costs of a delegate shopping container of merchandise and ventures barring the unstable parts like nourishment, vitality, liquor and tobacco. The center CPI is a key indicator to quantify increase and changes in acquiring patterns. For the most part, a high reading is viewed as positive or bullish for the EUR, while a low reading suggests a bearish market for the Euro (Euro).
Currently, the pair is being traded around 1.1199, just falling below two immediate resistance levels including the major horizontal and trendline resistance. It seems that the pair will struggle to break through the resistance levels and rise up.
The Market PMI composite news also suggests a favorable economic condition for the pair with a reading of 53.6, this month as compared to 52.8, the previous month. The reading remained higher than the consensus of the market leaders which was 52.7.
The Market Economics release monthly PMI composite stats on the manufacturing and service sectors after taking into account the contribution made by each sector towards the total manufacturing output of the country. A reading above than 50 is supposed to have a positive impact and vice versa.
Conclusion
Trading EURUSD for a short term position can be profitable but opening a long term position might not work.