Euro-zone’s producer price index has declined.
The support rests at 1.10160 with resistance at 1.10500 which both lines are below the weekly pivot point at 1.10610. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The support line seems to be too strong to be broken. The correction pattern may start soon targeting 1.10600.
