Key Highlights
Euro struggled this past week against the US Dollar, as every rally in the EURUSD pair was sold aggressively.
The EURUSD pair is facing a bearish trend line on the hourly chart, which is likely to act as a resistance and stall gains.
Today, in the Euro Zone, the German business sentiment index will be released by the CESifo Group, which may ignite a few moves in the EURUSD pair.
In Japan, the Merchandise Trade Balance Total released by the Ministry of Finance posted a trade surplus of ¥140.2B, which was more than the forecast of ¥100B.
EURUSD Technical Analysis
The Euro struggled throughout this past week, as sellers remained in action and prevented the upside move on many occasions. There is a bearish trend line formed on the hourly chart, which acted as a resistance previously and may stall gains moving ahead in EURUSD.
The pair is well below the 100 and 200 hourly simple moving average, suggesting buyers are struggling to gain traction.
The hourly RSI is also below the 50 mark, which is a sign that sellers are in action and they may take the pair down once again if it attempts to recover.
German IFO Business Climate Index
Today, there are a couple of economic releases in the Euro Zone, which may impact the Euro in the short term. The most important one is the German business sentiment index, i.e. closely watched as an early indicator of current conditions and business expectations in Germany will be published by the CESifo Group.
The forecast is lined up for a minor decrease from the last reading of 108.7 to 108.5 in January 2016. Let us see how the outcome shapes up and whether there is any impact on the Euro or not after it.
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