- EUR/USD remains firmly in bear grip with the 50-hour average capping upside in Asia.
- A big beat on the forward-looking German Gfk Consumer Confidence is needed to stall the sell-off.
EUR/USD is feeling the pull of gravity while heading into the London open.
The currency pair is currently trading just below 1.08, having hit a high of 1.0815 in Asia.
The pullback marks another failure on the part of the bulls to keep the pair above the 50-hour moving average located near 1.0810 during the Asian session.
Traders should note that the pair has charted multiple lower highs just above the 50-hour MA in the last 10 days.
Focus on German Consumer Confidence
The German Gfk Consumer Confidence Survey, due at 07:00 GMT, is forecasted to show a slight deterioration in the consumer sentiment in March. The index is expected to tick lower to 9.8 from February's 9.9 reading.
If the forward-looking number disappoints expectations, the already weak euro could suffer a steep drop toward the psychological support at 1.0750.
Alternatively, a big beat on expectations could yield a notable corrective bounce above the 50-hour MA, currently placed at 1.0805. Germany will also report the Producer Price Index for January at 07:00 GMT. That data, however, isn't a big market mover.
|Today last price||1.0797|
|Today Daily Change||-0.0013|
|Today Daily Change %||-0.12|
|Today daily open||1.081|
|Previous Daily High||1.081|
|Previous Daily Low||1.0782|
|Previous Weekly High||1.0958|
|Previous Weekly Low||1.0827|
|Previous Monthly High||1.1225|
|Previous Monthly Low||1.0992|
|Daily Fibonacci 38.2%||1.0799|
|Daily Fibonacci 61.8%||1.0793|
|Daily Pivot Point S1||1.0792|
|Daily Pivot Point S2||1.0773|
|Daily Pivot Point S3||1.0764|
|Daily Pivot Point R1||1.0819|
|Daily Pivot Point R2||1.0829|
|Daily Pivot Point R3||1.0847|
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