Key Highlights
The Euro continued to move lower starting this week against the US Dollar and looks set for more losses.
A bullish trend line formed on the hourly chart of the EURUSD pair was broken to help sellers.
Japanese Gross Domestic Product released by the Cabinet Office posted a decrease of 0.8% in Q3 2015, which was worse than the forecast of a 0.2% decline.
In New Zealand, the Retail Sales released by the Statistics New Zealand posted an increase of 1.6% in Q3 2015.
EURUSD Technical Analysis
The Euro traded a bit higher on this past Friday before closing the week. However, it lost most of its gains against the US Dollar during this week open. The EURUSD pair traded lower and moved below the 1.0700 support area.
There was a bullish trend line formed on the hourly chart, which was breached to open the doors for more declines. The pair is currently trading near the broken trend line, which is acting as a resistance for the upside.
On the downside, the last low of 1.0685 might act as a support in the near term. A break below it may ignite a downside move towards 1.0650.
Euro Zone CPI
Today, there is a major release in the Euro Zone, as the CPI that captures the changes in the price of goods and services will be released by the Eurostat. The market is expecting an increase of 0.1% in October 2015. Let us see if the result is around the market expectation or not, as it may impact the Euro in the short term.
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