The absence of important fundamental statistics put a restrained pressure on risky assets, which increased significantly in the past few days against the U.S. dollar.
The European currency made a small attempt to increase during the European session, but the potential was limited by an intermediate level of support around 1.1550.
In the first half of the day came the data on the housing market in the eurozone, which slowed in the first quarter of this year. The data calmed investors who feared another mortgage crisis due to the very long period of low interest rates that the European Central Bank is implementing.
According to the statistics agency Eurostat, housing prices in the first quarter of this year increased by 0.4% compared to the previous quarter and rose by 4.0% compared to the same period of the previous year.
Despite this, for the period from the end of 2015, this quarterly growth was the weakest.
However, the demand for mortgage loans may rise again after the speech of European Central Bank President Mario Draghi. If the head of the ECB makes hints about the possibility of an earlier reduction in the bond purchase program, which is known as quantitative easing, it may provoke a new wave of lending, since the completion of the asset repurchase program will be followed by tightening of monetary policy, which will make the access to cheap loans more expensive.
As for the technical picture EURUSD pair, the picture did not undergo significant changes. The downward correction, which was formed yesterday to close the North American session, may continue today in the afternoon, although the first attempt to depreciate the European currency has been limited so far by the support level of 1.1515. Its breakdown will lead to a larger decline in the trading instrument in the range of 1.1480. The upward potential for the euro is gradually subsiding, so the first sales can be seen in the case of an attempt to return to the yesterday's highs at 1.1580.
In the afternoon, it is important to pay attention the inventory data from the U.S. Department of Energy, which can cause a decline in oil reserves in storage facilities last week, the pressure on the "black gold" could significantly increase.
According to the forecasts of the American Petroleum Institute, U.S. crude stocks for the for the week from July 8 to 14 will grow by 1.6 million barrels.
