Euro will not go much higher - fundamental view

Data on inflation in the eurozone in July came out relatively negative. Although CPI remained unchanged on yearly basis (0.9%) monthly CPI has deteriorated (minus 0.6%). ECB meeting did not bring any sugnifficant talk - the regulator took a pause to determine the future prospects after the adoption of ultrasoft measures.
All this with the lack of surprises had little impact on the European currency. Like before, the main drivers for any movement are the news from the US. In this sense, I can say, that the euro goes "down the river" in line with the general trends of the last days. But by itself the weakness of the European economy makes it unlikely, that the growth of the euro above the peak of 1.1425 would continue, even with significant weakening of the dollar.