Key Highlights
- Euro after trading close to the 1.1380 resistance area against the US Dollar found sellers and started to move down.
There is a bullish trend line formed on the hourly chart, which is acting as a support and preventing major losses.
The EURUSD pair is below the 100 hourly simple moving average, which is a negative sign for the bulls.
As long as the pair is above the trend line and support area it may recover in the short term.
EURUSD Technical Analysis
The EURUSD pair moved down after making an attempt to clear the 1.1400 resistance area. There is a bullish trend line formed on the hourly chart, which is currently acting as a support and preventing a break in the pair.
However, a bearish sign to note is the fact that the pair is below the 100 hourly simple moving average that may encourage sellers to take the pair down.
On the flip side, the pair is also above the 200 hourly simple moving average. So, we can say that the pair is trading near a crucial juncture and a break on either side could trigger the next move.
Euro Area Trade Balance
Today, the Euro Area Trade Balance, which is a balance between exports and imports of total goods and services will be released by the Eurostat. The market is expecting a trade surplus of over €20B. Any disappointment may weigh on the EURUSD pair in the near term.
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