EURUSD at Make it or Break It Levels

Key Highlights

• Euro managed to trade higher against the US Dollar despite all odds and approaching the last swing high.

• There is a major channel pattern formed on the 4-hours chart of EURUSD, which may act as a catalyst for the next move.

• Spanish Industrial Output will be released by the National Institute of Statistics today, which is forecasted to increase by 3.8% in November 2015.

• In Australian earlier today, the ANZ job advertisements released by the Australia and New Zealand Banking Group Limited (ANZ) posted a decline of 0.1% in December 2015.

EURUSD Technical Analysis

The Euro cleared a major resistance area this past week against the US dollar and closed above the 1.0800-20 levels. There is a channel pattern formed on the 4-hours chart of EURUSD, which is currently acting as a resistance and it looks like the pair may close above it and test the last swing high of 1.1050.

If the recent attempt to close above the channel resistance is a false one, then the pair may trade lower and test the 100 simple moving average on the 4-hours chart.

Any further losses may change the bias in favor of sellers and might take the EURUSD pair towards the 200 SMA (H4).

Spanish Industrial Output

Today, there is hardly any major economic release in the Euro Zone. The Spanish Industrial Output, which shows the volume of production of Spanish industries such as factories and manufacturing will be released by the National Institute of Statistics. The market is poised for an increase of 3.8% in November 2015, compared with the same month a year ago. The last reading was 4%, so there is a slight decline forecasted for November 2015.