There were no data releases from Eurozone on Thursday. Jens Weidmann from the ECB said that there is no doubt that the current monetary policy situation is not an easy one, with downside risks to inflation in the euro area having increased recently. This concern is also evident in the introductory statement of the ECB Governing Council last week. There is no doubt that uncertainty is currently running high.
Given the recent financial market turbulence in China, the continued drop in oil and commodity prices and the heightened geopolitical risks, doubts are being raised in some quarters as to whether the international environment is still providing the stimuli for euro-area growth that were incorporated into the December Euro system staff projection, with economic growth for 2016 and 2017 expected to be 1.7% and 1.9%, respectively.
Euro is currently being traded few points above 1.13 level. Pair is likely to find support around 1.1250 handle and resistance above 1.1360 level.
