During early European session Wednesday, the single currency revealed mixed trading against its main rivals. While the euro plummeted to a 6-day low against the British pound, it rebounded from its Asian session's loss against the dollar and the franc. At the same time, the euro extended its Asian session's firmness against the yen. Eurostat report showed Eurozone industrial producer price index or PPI dropped 6.7% year-on-year in October, compared to the 7.6% fall in September, revised from 7.7% decline reported initially. Economists were looking for a decline of 6.8%. On a monthly basis, the PPI increased 0.2% in October, after falling 0.4% in September. Economists expected a flat reading for October. The European currency that touched a low of 1.5067 against the US dollar at 2:35 am ET Wednesday strengthened thereafter. Currently, EUR/USD rally is trading at 1.5109, compared to 1.5082 hit late New York Tuesday. The next upside target level for the pair is seen around 1.528. Against the British pound, the single currency lost ground after hitting a high of 0.9108 at 2:25 am ET Wednesday. Presently, the euro is trading at a 6-day low of 0.9057 against the pound with 0.903 seen as the next target level. The rally closed Tuesday's North American session at 0.9079. The 16-nation currency edged higher against the Swiss franc during today's early deals. At 3:25 am ET, EUR/CHF pair climbed to 1.5084, compared to Tuesday's closing value of 1.5075. If the pair gains further, 1.511 is seen as the next target level. Extending its Asian session gains, the euro rose to a 6-day high of 132.01 against the Japanese unit at 5:15 am ET Wednesday. On the upside, 133.3 is seen as the next target level for the pair. EUR/JPY rally closed Tuesday's deals at 130.76.

Source