EUR/USD struggles to keep gains above key hurdle, German data eyed


  • 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. 

Technical levels

EUR/USD

Overview
Today last price 1.0797
Today Daily Change -0.0013
Today Daily Change % -0.12
Today daily open 1.081
 
Trends
Daily SMA20 1.0955
Daily SMA50 1.1062
Daily SMA100 1.1063
Daily SMA200 1.1109
 
Levels
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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