By continuously moving forward, the EUR, today again inched higher against the USD, with the price increase above 1,2000, the price increase followed by the release of the major economic publication. With regard to the technical bias, it stays bullish, due to a higher high trend, during the last upside movement.
EUR/USD: Technical Analysis
EURUSD, currently being demanded at a price of 1,1227, with a few levels of resistance, as seen in the graph below, which might restrict its forward movement, the first level of resistance which is far from the price of the pair could affect the price at 1,1355, ahead of 1,1400, the psychological level and then at 1,1413, the greatest horizontal resistance.
When going to the downside, there are different levels of support that are standing to aid the price in its forward direction, also holding it around that level the Fibonacci level support of 1.1206 standing just below the pair price, soon after it there is the trendline support of 1.1178, and the main horizontal support stands at 1.11428, as shown in the above graph.
EUR Business Climate
This German business sentiment index released by the CESifo Group is slightly increased from the previous month’s index in December, as it closely monitored current conditions and business expectations in Germany as an early indicator.
The Institute is surveying more than 7,000 businesses on their evaluation of the business situation and their short-term planning. Positive economic growth forecasts bullish moves for the EUR whereas low reading is perceived as negative
While marking the bullish candle for almost a week, it offers short-term traders the opportunity to sell it at that level and receive the maximum rate of profit, or if they want to keep it for a long period of time, then EURUSD may also provide them with help.