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Euro area at a critical juncture

Monday, Jul 11 2016
There were no data releases from Eurozone today. Recovery in the euro area has strengthened, but the medium-term outlook remains weak and is endangered by a lack of collective action to address common challenges. Members must rebuild faith in the monetary union, says the IMF in its latest review of the currency union. “The euro area is at a critical juncture. The progress made during the acute phase of the crisis and the recovery should not lead to complacency about the underlying challenges."
"Policymakers should seize this moment to reverse the rising tide of Euroscepticism and strengthen the monetary union by acting together. Muddling through is increasingly untenable,” said Mahmood Pradhan, mission chief for the euro area. Unless collective problems are resolved, the euro area is likely to suffer repeated bouts of economic and political instability leading to crises of confidence and economic setbacks. The EU should redouble efforts to ensure the benefits of economic integration and thus rebuild flagging faith in the monetary union.
 
Euro is currently being traded few points below 1.1050 level. Pair is likely to find support around 1.10 handle and resistance above 1.1150 level.
 
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