EURUSD – Right Time To Buy Euro?
|Key Highlights
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The Euro traded positively during the past few days against the US Dollar, and currently looks set for more gains.
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There are a couple of bullish trend lines formed on the hourly chart, which may act as a support for the Euro bulls.
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Today, the German business sentiment index will be released by the CESifo Group.
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The forecast is slated for a minor rise from the last reading of 106.2 to 106.3 in Sep 2016.
EURUSD Technical Analysis
The Euro managed to retain the bullish bias this past week versus the US Dollar, and currently the EUR/USD pair is trading above a major support area of 1.1200.
As mentioned, there are a couple of bullish trend lines formed on the hourly chart. If the pair dips from the current levels, then the Euro bulls may appear around the trend line support.
Overall, the trend remains positive, and the Euro may continue to gain traction moving ahead. The hourly RSI is also above the 50 level, which means the buyers are in action at the moment.
German Business Sentiment Index
Today, the Euro Zone will witness the release of the German business sentiment index by the CESifo Group. It is a closely watched as an early indicator of current conditions and business expectations in Germany, and in Sep 2016 it is forecasted to post a minor rise from the last reading of 106.2 to 106.3.
If the data exceed the market forecast, then the Euro may continue to trade higher.
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