The single European currency plummeted after the opening of today's trading session and is currently trading at 1.1167. There are several factors that put pressure on the euro. To start with, we'll mention social tensions in Greece, where new anti-austerity meetings took place. Another reason for "euro-pessimism" is the launch of the quantitative easing program in March. Once the ECB turns on the printing press, the euro will have no recovery chances. The Eurozone's last macroeconomic statistics prove the fact that the ECB needs extra mechanisms to fight deflation. For example, the consumer price index is worse than expected again.
The key focus today is the EU's unemployment rate that is expected to remain at the same level of 11,4%. The consumer price index is also worth attention. A drop down to –0,5% is expected.
The nearest resistance level is 1.1230 (0/8 Murray). A level of 1/8 Murray (1.1163) serves as support.