EUR/USD: Market receives more grounds to sell Euro

The pair EUR/USD continues to decline on Tuesday, which was caused by expectations of weak Germany statistics this time.

By 9.00 MSK the Euro is at 1.4041 against yesterday’s closing level of 1.4097.

Confidence in the European currency is decreasing every day- sales of the major pair have been going on for the 6th consecutive day and there are no indications of correction.

Today, traders will await German statistics on a number of orders of industrial enterprises which fell sharply in July according to projections. In addition, the data on GDP of Eurozone in Q2 will be known this afternoon.

There are no grounds for the technical rebound so far, although the Euro is significantly oversold.

Most likely the pair EUR/USD will not go beyond the range of 1.3970-1.4150 at the trading session on Tuesday.