EUR/USD consolidated today remaining below its highest in three weeks after last Friday’s data release, which showed positive performance pushing the US dollar to pressure the Euro.
The positive data released Friday stoked expectations of Federal Reserve raising interest rates in the second half of next year 2015. On the other hand, it eased investors concerns about the world’s largest economy.
The EUR/USD stabilized amid the absence of European and U.S. economic data on Monday, where the dollar index rose 0.16% to trade around 85.24 levels.
Negative economic data from Europe also pressured the euro and brought fueled fears of a slowdown, prompting the European Central Bank to adopt more stimulus measures to dodge the threat of recession.
Last Friday, ECB officials warned that governments should undertake repairs and increase productivity to support growth.
EURUSD technical analysis