Key Highlights

  • Euro traded higher this past week, but the upside move remains at a risk as sellers started to step in.

  • The EURUSD pair has formed a bullish trend line on the hourly chart, which is currently providing support.

  • Today, a low risk event, which is the Sentix Investor Confidence will be released by the Sentix GmbH.

  • Moreover, the Spanish Industrial Output will be released by the National Institute of Statistics, which is forecasted to increase by 4.3%.

EURUSD Technical Analysis

The Euro after trading higher this past week against the US Dollar found resistance near the 1.1240 levels. The EURUSD pair is currently moving down, and finding bids near a bullish trend line on the hourly chart.

EURUSD

The pair opened with a bearish bias this week, and it would be interesting to see if the trend line support area holds or not. A break below it may call for more losses, taking the pair towards the 1.1100 area.

On the upside, an initial resistance could be around the 50% Fib retracement level of the last leg from the 1.1243 high to 1.1107 low.

Spanish Industrial Output

Today, there are no major market moving events lined up in the Euro Zone. Some low risk events are Spanish Industrial Output and the Sentix Investor Confidence. The Spanish Industrial Output, which shows the volume of production of Spanish industries such as factories and manufacturing will released by the National Institute of Statistics.

The forecast is lined up for an increase of 4.3% in December 2015, compared with the same month a year ago. If the Spanish Industrial Output fails to meet the forecast, then there is a chance of the Euro declining in the near term.

Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays near 1.0800 after upbeat US data

EUR/USD stays near 1.0800 after upbeat US data

EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.

EUR/USD News

GBP/USD stays in daily range above 1.2600

GBP/USD stays in daily range above 1.2600

GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.

GBP/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

Portfolio rebalancing and reflation trades emerge into Q2

Portfolio rebalancing and reflation trades emerge into Q2

Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.

Read more

Majors

Cryptocurrencies

Signatures