The EUR/USD pair eased some of its recent gains as market sentiment somehow stabilized during the Asian session. Data released in Europe has been relatively weak, as during the last quarter of 2015 the EU grew just 0.3%, as expected, while industrial production in December, plunged 1.0% compared to a month before, and by 1.3% yearly basis. Also, inflation in Germany rose by 0.5% in January, matching expectations, whilst local GDP showed a moderated grow, up 0.3% in the last quarter of 2015.
But stocks trade in the green this Friday and crude oil prices have managed to post a rebound late Thursday, and after bottoming around $26.00 a barrel, on news of a possible agreement on output cut, between OPEC and non-OPEC producers.
View the Live chart of the EUR/USD
Technically, the 4 hours chart shows that the price is struggling around a strongly bullish 20 SMA, right below the 1.1300 figure, while the technical indicators have erased all of their overbought conditions, and head slightly lower around their mid-lines. The pair traded as low as 1.1264 so far today, and have some other intraday lows around it, which means some follow through below 1.1250 should lead to a decline towards the 1.1200 level, while below this last, 1.1160 comes next.
The main resistance is now 1.1335, the level to overcome to confirm a new leg higher towards the 1.1380 region, with the next short term resistances at 1.1420 and 1.1460.
Latest updates on the EUR/USD Forecast
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