The Euro (EUR) inched lower against the US Dollar (USD) today with a price being quoted for lower than 1.1100. Following a bearish trend, the technical bias might remain bearish since the price printed a higher low during the last upside move.
EURUSD: Technical Analysis
At times, the EURUSD is being traded around 1.1017, with a few resistance levels ahead. The price may hit resistance around 1.1046, the 38.2% Fib level ahead of 1.1098, the major horizontal resistance and then comes 1.1150, the confluence of a trend line and horizontal resistance level which may prevent the price from increasing above the said levels as shown in the graph below.
Moving towards the downside, the price may receive support around 1.0982, It’s a 23.6% Fib level which may prevent the price from decreasing below this level. Another support may come across the price around 1.0934, the trend line support ahead of 1.0879, the low of October 01, 2019 as shown in the graph above.
EUR Gross Domestic Product
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland in Germany remains at 0.5% in this quarter, equivalent to the prior month percent as the GDP is considered as an expansive proportion of the German financial action and wellbeing. A high perusing or a superior to anticipated number positively affects the EUR, while a falling pattern is viewed as negative (or bearish).
Considering the overall price behavior of the pair over the last couple of days, selling the EURUSD around current levels may not be a good decision in the short to medium term.