- Euro managed to recover against the British Pound after the EURGBP pair fell towards 0.7100.
- There is a critical bullish trend line formed on the hourly chart, which is helping buyers at the moment.
- Euro Zone Sentix Investor Confidence was released today, which came in at 15.1 in November 2015, more than the forecast of 13.2.
- German Trade Balance released by the Statistisches Bundesamt Deutschland posted a trade surplus of €19.4B in September, a bit less than the market expectation.
The EURGBP pair struggled a lot recently and traded lower towards the 0.7100 support area. The pair is currently recovering, as there is a bullish trend line formed on the hourly chart, which is supporting the pair for more gains.
The pair is also around the 50 and 200 hourly simple moving average, which is a sign that it is trading near a major swing area.
A break below the trend line and support area might a downside move in the EURGBP pair.
Euro Zone Sentix Investor Confidence
Earlier today in the Euro Zone, the Sentix Investor Confidence, which is a monthly survey which shows the market opinion about the current economic situation and the expectations for the next semester was released. The market was expecting a rise from the last reading to 13.2. However, the outcome was above the forecast, as the Sentix Investor Confidence came in at 15.1 in November 2015.
The report stated that “Neither signs of a seasonal depression of investors’ mood nor a November bias can be traced in the latest sentix data. With the exception of Austria, investors’ economic expectations rise for all major world regions”.
Overall, the highlighted trend line holds the key for the pair in the near term.