Key Highlights
Euro managed to clear a major bearish trend line on the 4-hours chart, which is acting as a support currently.
EURUSD looks like struggling to break a major resistance area near 1.0980 that may act as a pivot zone.
In the Euro Area, there is hardly any major economic release, except the Italian Trade Balance, which will be published by the National Institute of Statistics.
In Australia, the TD Securities Inflation released by The University of Melbourne - Faculty of Economics and Commerce posted an increase of 2%, more than the last rise of 1.8%.
EURUSD Technical Analysis
The EURUSD pair recently managed to break a major bearish trend line on the 4-hours chart, which opened the doors for more gains in the short term. The pair traded as high as 1.0980, which acted as a short-term resistance and pushed the pair lower once again.
The pair is currently correcting lower and finding buyers near the same broken trend line. There is also an ascending channel pattern formed on the hourly chart, which may act as a catalyst for the next move.
The 4-hours RSI is above the 50 level, which is a sign that buyers are still in play and may take the pair higher once again.
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