Key Highlights
Euro continued to decline against the US Dollar, and fell close to the 1.0550 area.
There is a bearish trend line formed on the 4-hours chart, acting as a resistance for an upside move.
In Japan, the Industrial Production released by the Ministry of Economy, Trade and Industry posted a decline of 1.4% in October 2015 that was more than the last decline of 0.8%.
EURUSD Technical Analysis
The Euro stayed under the bearish pressure this past week, and continued to move lower against the US Dollar. The EURUSD pair broke the last swing low of 1.0600 and traded towards 1.0550. Currently, there is no relief for buyers, as the pair looks set for more losses.
Moreover, there is a bearish trend line formed on the 4-hours chart, which may prevent an upside move in the near term. A break below the recent low of 1.0560 may take the pair further lower. On the upside, an initial resistance lies near 1.0610-20, followed by the 1.0640 pivot area.
German CPI
Today, in the Euro Zone, Germany consumer price index will be released by the StatistichesBundesamt Deutschland that measures the average price change for all goods and services purchased by households for consumption purposes. The market is expecting an increase of 0.4% in November 2015, compared with the same month a year ago. The market expectation is on the higher side, and if it fails to match with the outcome, then the shared currency may come under bearish pressure in the near term.
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