The European stock markets are traded with small declines this morning, towards the publish of the interest rate of the European Central Bank.
The FTSE weakened by 0.4%, the CAC decreasing by 0.3% and the DAX by 0.3%.
The ECB is expected to leave today the current level of interest, even though the inflation in the Euro zone reached the target of 2%.
The ECB President Mario Draghi is expected to announce the continuation of quantitative easing program.
The price of the gold fall back to $ 1,200 an ounce, the worst sequence declines since October, following the publication of US economic data which supported the assessment of a rate hike next week.
China producer price index for February rose by 7.8 compared with analysts’ forecasts an increase of 7.7% and 6.9% in January.
The PPI rising is because the demand in China to fueling commodity prices.
On an hour chart the pair is on a rising trend.
As seen on the chart, there is a strong diagonal support line.
There is a diagonal resistance line who stopped the pair , but if the pair will go above the level of 1.0160, it will be a sign and an opportunity of the continued rise.