The EUR/USD pair trades flat around the 1.0900 level, indifferent to macro releases as market's remain extremely thin. Germany released upbeat data this morning, as the CFK consumer confidence survey finally advance, forecasting 9.4 points for January compared with the 9.3 in December and signaling more optimistic expectations for the economy. Also, and according to official data, the index of import prices decreased by 3.5% in November 2015 compared with the corresponding month of the preceding year. From October 2015 to November 2015 the index fell by 0.2%, better than the previous reading and than market's expectations.
The US will release a heap of macro figures, including the last revision of the Q3 GDP, personal consumption and housing figures. The market will likely remain range bound until then, and the data will determinate the following direction.
View the Live chart of the EUR/USD
Technically speaking, the pair has recovered partially its former bullish tone, as in the 4 hours chart the price is above a bullish 20 SMA and above a critical Fibonacci level at 1.0880. The technical indicators in the mentioned chart, however, have lost their upward strength. Should the data disappoint, the pair can advance up to 1.1000/40 on a break above 1.0950, the immediate resistance. Below 1.0880, on the other hand, the pair can retreat down to 1.0800/40, the base of its latest range.
Latest updates on the EUR/USD Forecast
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