Forex Technical Analysis: The pair moved to the south for almost the entire duration of Friday’s trading session on the back of Euro weakness generated by a worse than expected German Producer Price index and the bears scored the first victory in a long time.
Technical Outlook
The level located at 1.3570 was broken to the down side and the sellers had the strongest day in a long while. If this bearish momentum will turn into a trend reversal, the first target is the support located at 1.3520. For today we anticipate slow price action, with a potential re-test from below of the recently broken level, followed by continuation of Friday’s bearish direction.
Fundamental Outlook
The Euro Zone Sentix Investor Confidence will be released today at 08:30 am GMT with an anticipated increase from the previous 6.5 to 10.9. This is a leading indicator of economic health based on the opinions of investors and analysts who are highly informed due to the nature of their jobs so higher than expected numbers usually strengthen the Euro.
Technical Outlook
The level located at 1.3570 was broken to the down side and the sellers had the strongest day in a long while. If this bearish momentum will turn into a trend reversal, the first target is the support located at 1.3520. For today we anticipate slow price action, with a potential re-test from below of the recently broken level, followed by continuation of Friday’s bearish direction.
Fundamental Outlook
The Euro Zone Sentix Investor Confidence will be released today at 08:30 am GMT with an anticipated increase from the previous 6.5 to 10.9. This is a leading indicator of economic health based on the opinions of investors and analysts who are highly informed due to the nature of their jobs so higher than expected numbers usually strengthen the Euro.
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