It’s a decline in the EUR against the USD, although it has skyrocketed against the dollar two days ago at a price of 1,1097 and today it has fallen by more than 30 pips. This decrease is triggered by Germany’s latest updates, which are creating resistance that not allow the price to move above. Nonetheless, the technical bias might stay bullish because the last downside move showed a lower high wave on the graph.
EURUSD: Technical Analysis
Currently, at the price of 1.1053, the EURUSD quoted itself. At the 1.1016, the price is assisted by its Fibonacci support level, soon after it, there is another support of trendline at 1.0995, and then get the major horizontal support at 1.0878.
The price inclination can be influenced by the resistance levels lied above the price which could drive the price downwards. The trendline resistance that is just passing above the price stands at 1.1092, soon after it, at 32.8% Fib level there is a resistance of 1.1000, and then another trendline resistance comes at 1.1087.
EUR IFO Current Assessment
The IFO Current Assessment published by the CESifo Group is closely monitored as a measure of current conditions and priorities for industry in Germany. It was expected to rise to 99.2 this month, but it lies below expectations and thus fell by 02 points.
More than 7,000 companies are being surveyed by the Institute on their assessment of the business situation and their short term planning. Positive economic growth anticipates bullish movements for the EUR while negative (or bearish) reading is seen as low.
The situation looks safe for both short-term and long-term traders, as the technical bias has now changed to the bullish line.