Key Highlights
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Euro looks like trading in a range against the US Dollar, but it may break higher in the short term.
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There are a couple of trend lines formed on the hourly chart of the EURUSD pair, which could ignite the next move.
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Chinese Consumer Price Index released by the National Bureau of Statistics of China posted a decline of 0.4% in March 2016, more than the forecast of -0.3%.
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Chinese Producer Price Index decreased by 4.3%, a bit less than the forecast of -4.6%.
EURUSD Technical Analysis
The Euro closed the last week above the 1.1350 level against the US Dollar and traded mostly in a range. There are a couple of trend lines formed on the hourly chart of the EURUSD pair, which may act as a catalyst for the next move. One is on the upside, acting as a resistance and another on the downside to act as a support.
The pair is well above the 100 and 200 simple moving average on the same chart, which is a positive sign for the Euro bulls in the short term.
If the pair manage to break the upper trend line resistance, then a move towards the 1.1450 level is possible moving ahead.
Italian Industrial Output
Later today, the Italian Industrial Output that shows the volume of production of Italian industries such as factories and manufacturing will be released by the National Institute of Statistics.
It is a low risk event, but there is a chance of an impact on the Euro since there are no other economic releases lined up.
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