EURUSD Potential short oppotunity at 1.15

The Eurozone data released last Friday made the market particularly worried about the euro, as the most important data results proved to be the most disappointing in the market. The initial value of the annual consumer price index in the Eurozone fell from 2.2% to 2.0% in the previous year, while the core consumer price index was 1.0%, which is less than the market expectation of 1.1%. These figures reflect the decline in inflation expectations in the Eurozone in recent weeks, with the forward inflation swap contract falling from 1.679% to 1.625% in the past five years.

The euro zone's economic calendar this week is light, at least not as important as the initial value of inflation data last weekend. The final value of the Eurozone's third-quarter GDP data may cause some market attention, but given this is the second revision, the possibility of a large adjustment (and the resulting market reaction) is limited. Overall, the Eurozone economic data has generally disappointed the market.