The EUR/USD pair starts the week trading in quite a limited range below the 1.0600 level, maintaining the bearish tone despite lacking momentum. The dollar trades generally higher across the board, but investors are being cautious ahead of the major events to be released during this week, which can determinate the trends for the first quarter of 2016.
So far, Germany released its Retail Sales figures for October, which grew 2.1% from a year before, although the news failed to impress. Later today, the country will release its November preliminary inflation readings, expected slightly better than October ones. In the US, some regional manufacturing indexes and Pending home sales will be released, although none is expected to rock the pair today.
View the Live chart of the EUR/USD
In the meantime, the 4 hours chart shows that the price remains below a bearish 20 SMA, whilst the technical indicators lack directional strength below their mid-lines. The pair has posted a low of 1.0565 last week, with some follow through below it probably seeing an extension down to 1.0500/20. The upside is being contained by selling interest around 1.0600, and gains beyond it are seen limited, rather attracting bears than confirming further recoveries in the short term.
Latest updates on the EUR/USD Forecast
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