With risk sentiment quiet this morning, the pair has been restricted to a relatively close range throughout the European session. Price found resistance at 0.7993 and declined following poor Spanish unemployment figures ushered in a touch of mild USD strengthening. UK Construction data has come in soft this morning further contributing to a mildly risk off atmosphere. The next set of data for the European session is EU PPI at 09:00 GMT. The technical analysis team at Forex Ticket sees upcoming support at 0.7941/0.7917/0.788 and resistance at 0.8002/0.8039/0.8063. The team at ICN.com believes that should the pair remain below 0.7985, downward pressure will see the pair continue to move lower throughout the day.
Elsewhere, European Equities are lower, commodities continue to climb, whilst critical EU yields are down.