EUR/USD: The euro plunged, extending losses for the fifth straight session, weighed by factors including concerns over Italy’s rising debt and the prospect of Trump opening up a European front in his trade war. The major is likely to remain on the downside as a Reuters poll indicated the European Central Bank has no prospect of raising interest rates through to the end of 2020 and its next policy move will be to tweak its forward guidance towards more accommodation. The European currency traded 0.05 percent down at 1.1127, having touched a low of 1.1116 on Thursday, its lowest since May 23.
Investors’ attention will remain on a series of data from the Eurozone economies, ahead of the U.S. personal consumption expenditure – price index, Chicago Purchasing Managers’ index and Michigan consumer sentiment. Immediate resistance is located at 1.1163 (5-DMA), a break above targets 1.1229 (Apr. 30 High). On the downside, support is seen at 1.1106 (May 23 Low), a break below could drag it below 1.1075 (May 18, 2017 Low).
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