Today, despite yesterday’s drop, EUR is indeed a bullish candle against the USD, with a price increase of above 1,1100. The price increase reflects the major economic news. In the last downside move, taking into account the price movement of the pair, it printed a lower high move, so technical bias remains bullish.
EUR/USD: Technical Analysis
Currently, the EURUSD is being traded at the price of 1.1128. there are few resistances that may not allow the price to move above the said level, including the immediate trendline resistance of 1.1129, ahead of 1.1150, the psychological number, then at 1.1190, the major horizontal resistance stands, as demonstrated on the graph below.
Looking at the downside, the number of support levels that facilitate in sustaining the pair’s price around that level The nearest support is at 1.1078, the 32.8 percent fib level, ahead of the trendline support of 1.1011, and then the pair’s price gets the biggest horizontal support at 1.0876, as shown in the above graph.
EUR Trade Balance
From the Fundamental standpoint of view, The trade balance reported by the Deutschland Statistisches Bundesamt increased significantly from €19.2 B to€ 20.6 B and it also broke the hopes of the economist which was €19. This reflects a balance between exports and imports of total goods and services. A positive value indicates a trade surplus, while a negative value suggests a trade deficit. It is an event that causes a certain uncertainty for the EUR. If a steady demand is seen in exchange for German exports, that would turn the trade balance into positive growth, and that should be positive for the EUR.
The short- and long-position traders must try their fate as the pair consistently leads to the bullish trend from the beginning of the month.