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Euro stable above 1.07 handle

Wednesday, Nov 11 2015
There were no major data releases from Eurozone this morning, with only German WPI figures being released. As reported by the Federal Statistical Office (Destatis), the selling prices in wholesale trade decreased by 1.6% in October 2015 from the corresponding month of the preceding year. In September 2015 and in August 2015 the annual rates of change were –1.8% and –1.1%, respectively. From September 2015 to October 2015 the index fell by 0.4%. Decrease by 0.2% was expected.
 T
he single currency had briefly come under pressure on Tuesday, but managed to rebound overnight. On Monday four governing council members said a consensus is forming at the European Central Bank to take one of its benchmark interest rates deeper into negative territory in December.
 
Euro is currently being traded around 1.0740 area. Pair is likely to find support around 1.07 handle and resistance above 1.0770 level. There will be no major data releases in the rest of the session.
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