EUR raises itself up against the USD on Wednesday. That’s the good morning for the EUR, despite the drop yesterday, it’s raising itself today with a price of more than 1.100. The Eur witnessed the good news and the growth process is therefore presumed to continue. Nonetheless, due to the higher low movement printed on the graph in the last upside movement, the technical bias is bearish.
EUR/USD: Technical Analysis
Currently, the EURUSD is being quoted at the price of 1.1087, The graph below shows that the price has the support at different intervals that provide it with the potential power to lift it above the said level. At 1.1067, the price gets the first trendline support that is just below the said price, afterward, the price is supported with the Fibonacci level of 1.1016, and then at a distance, there is the key horizontal support of 1.0877.
Moving to the upside, the price has to reach the level of resistance if it moves forward which would immediately affect the price. The very quick resistance, above the price, is of 1.10947, the trendline resistance, soon after it, there is at the 1.1101 support of 32.8% Fib level and then at 1.1147, it might get another trend line resistance, as shown in the above graph.
EUR Producer Price Index
Fundamentally, The Producer Price Index published by the Statistisches Bundesamt Deutschland measures the average price changes in the primary German markets. Changes in PPI are widely followed as a commodity-inflation predictor. A high reading is generally seen as positive (or bullish) for the EUR while a low reading is seen as negative (or bearish).
Trading opportunities at present levels for both short and long term positions may not be successful, as the technical bias is expected to remain bearish for a while. But if you’re involved in trade, you’ve got to look for your own fortune.