Key Highlights
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Euro gained traction recently against the US Dollar, and currently trading with a bullish bias.
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There is a bullish trend line formed on the hourly chart of the EURUSD pair, which may act as a support if the pair moves down.
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Today, the Euro Area Producer Price Index (PPI) will be released by the Eurostat, which is forecasted to decrease by 0.6% in Feb 2016, compared with the previous month.
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Earlier during the Asian session, the Australian TD Securities Inflation released by The University of Melbourne - Faculty of Economics and Commerce posted 0% in March 2016.
EURUSD Technical Analysis
The Euro traded above 1.1400 resistance area against the US Dollar recently, and it looks like poised for more gains in the short term. There is a bullish trend line formed on the hourly chart of the EURUSD pair, which may act as a support for the pair if it moves down or corrects lower from the current levels.
On the upside, the 1.1420-30 area can be seen as a resistance, which must be breached by the bulls if they have to take the pair higher.
On the downside, a short-term support can be at 1.1380.
Euro Area PPI
Today, the Euro Area Producer Price Index (PPI), which is an index that measures the change in prices received by domestic producers of commodities will be released by the Eurostat. The forecast is slated to decrease by 0.6% in Feb 2016, compared with the previous month. In terms of the yearly change, the Euro Area PPI is expected to decrease by 4%.
Moreover, the Euro area unemployment rate will also be released, which may impact the Euro in the short term.
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