Key Highlights
Euro traded down this past week against the US Dollar, and looks set for more losses.
The EURUSD pair traded as low as 1.1142 where it found support and currently attempting to trade higher.
There are a couple of bearish trend lines formed on the hourly chart, which may act as a pivot area for the EURUSD pair.
Today in the US, the Personal Income figures will be released by the Bureau of Economic Analysis, Department of Commerce.
The forecast is slated for a rise of 0.1% in the Personal Income in Feb 2016, compared with the previous month.
EURUSD Technical Analysis
The Euro fell closer to the 1.1140 support area recently against the US dollar where buyers managed to prevent any further downsides. The EURUSD pair is currently correcting higher, but struggling as there are a couple of bearish trend lines formed on the hourly chart acting as a hurdle for an upside move.
If the pair closes above the 1.1160-70 levels, then there is a chance of it heading towards the 100 hourly simple moving average, which can be seen as the next resistance for the bulls.
On the downside, a break below the 1.1140 level could take the pair towards the 1.1100 support area where the bulls may take a stand. Any further downsides may put the Euro under a lot of pressure in the short term.
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