Key Highlights
Euro traded higher this past week, but the upside move remains at a risk as sellers started to step in.
The EURUSD pair has formed a bullish trend line on the hourly chart, which is currently providing support.
Today, a low risk event, which is the Sentix Investor Confidence will be released by the Sentix GmbH.
Moreover, the Spanish Industrial Output will be released by the National Institute of Statistics, which is forecasted to increase by 4.3%.
EURUSD Technical Analysis
The Euro after trading higher this past week against the US Dollar found resistance near the 1.1240 levels. The EURUSD pair is currently moving down, and finding bids near a bullish trend line on the hourly chart.
The pair opened with a bearish bias this week, and it would be interesting to see if the trend line support area holds or not. A break below it may call for more losses, taking the pair towards the 1.1100 area.
On the upside, an initial resistance could be around the 50% Fib retracement level of the last leg from the 1.1243 high to 1.1107 low.
Spanish Industrial Output
Today, there are no major market moving events lined up in the Euro Zone. Some low risk events are Spanish Industrial Output and the Sentix Investor Confidence. The Spanish Industrial Output, which shows the volume of production of Spanish industries such as factories and manufacturing will released by the National Institute of Statistics.
The forecast is lined up for an increase of 4.3% in December 2015, compared with the same month a year ago. If the Spanish Industrial Output fails to meet the forecast, then there is a chance of the Euro declining in the near term.
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