- Euro managed to recover after trading close to the 1.0550 support area against the US Dollar.
- EURUSD is currently facing a tough resistance around 1.0630 which acted as a support area earlier.
- Spanish Gross Domestic Product released by the National Institute of Statistics posted an increase of 0.8% in Q3 2015, which was lower compared with the last 1%.
- Euro Zone M3 which is a measure of money supply released by the European Central Bank posted an increase of 5.3% in October 2015.
The EURUSD pair dived sharply recently, and found support near a triangle on the hourly chart. The pair moved back higher, but found resistance near the 50 hourly simple moving average. There is a massive resistance area building near the 100 MA, which may act as a barrier for buyers moving ahead.
Moreover, the 50% Fib retracement level of the last drop from the 1.0687 high to 1.0565 low is sitting near the highlighted resistance area.
On the downside, an initial support can be seen near the 1.0580 level.
The Spanish Gross Domestic Product, which is a measure of the total value of all goods and services produced by Spain was released by the National Institute of Statistics. The market was expecting an increase of 0.8% in Q3 2015, compared with the preceding quarter. The result was in line with the forecast, but was on the lower side compared with the last gain of 1%.
The yearly change was also in line with the forecast, and registered an increase of 3.4% in Q3 2015, compared with the same quarter a year ago.
Overall, as long as the EURUSD pair is below the 100 MA, the chance of moving lower is high.