Key Highlights
Euro managed to pop higher this past week, and may continue to trade higher against the US Dollar.
There is a bullish trend line formed on the hourly chart of the EURUSD pair, which is acting as a support area.
Today, the Euro Area Consumer Confidence will be released by the European Commission, which is forecasted to post a reading of -8.15 in March 2016.
In the UK, the Rightmove House Price Index released earlier today posted an increase of 1.3% in March 2016, which was lower compared with the last rise of 2.9%.
EURUSD Technical Analysis
The Euro enjoyed a nice ride against the US dollar this past as it traded above the 1.1300 resistance area against the US Dollar. The EURUSD pair is currently trading above a bullish trend line formed on the hourly chart, which can be seen as a major support in the near term.
As long as the pair is above the trend line and support area, there is a chance of a more gains moving ahead.
On the upside, a break above the 1.1340 level may call for a move towards the 1.1400 level.
Euro Area Consumer Confidence
Today in the Euro Area, the Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity will be released by the European Commission. The forecast is slated for a minor increase from the last reading of -8.80 to -8.15 in March 2016. Let us see how the result comes in and affects the Euro in the near term.
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