Forex Trading: EURUSD Technical Analysis – Febuary 07, 2020
It’s a downturn in the EUR against the USD, the EUR suffered a really bad period throughout this week by constantly falling itself day after day. This decrease is caused by the latest updates from Germany, which make opposition that doesn’t allow the price to move above. Therefore, the technical bias which was a week ago, from the bullish trend changed to bearish and it might stay bearish for a while because the last downside move showed a lower low wave on the graph.
EURUSD: Technical Analysis
Today, EURUSD updated at 1.0954 as seen in the attached graph, its troubling to claim the price at this stage is supported by the few levels of supports, which are supposed to be another possibility, other than good news that takes the price upwards. The trendline is 1,0993 ahead of the psychological number at 1,0900, followed by the significant horizontal support at 1,0878.
On the opposite side, the price of the pair finding to be limiting itself under the pressure of the resistance levels, at 1.0994, the first trendline resistance is just above the price next to it is the Fibonacci level at 1.1015, and then, immediately after it, there is the confluence of another trend line and a significant horizontal resistance at 10195.
EUR Harmonized Consumer Price Index
HICP is a consumer price index calculated and published by Destatis, the European Union’s Statistical Office, based on a statistical methodology that has been harmonized across all EU member states. It showed a figure of 1.6 percent, whereas the economist was projected to rise to 1.7 percent. HICP is a price measure for quantitative used by the EU Governing Council.
Meanwhile, trading at this stage is not open opportunities for traders, the stock could remain bearish for a while, as no upcoming news has yet been seen, boosting that pair.