Capital Trust
Capital Trust
images

Dec 06, 2016

09:10 AM EDT


  • New York open
  • London open
  • Tokyo close
  • Sydney close
Market Analysis

Home » Technical Analysis » Daily » EURUSD – Euro To Remain Bearish Vs Dollar?

EURUSD – Euro To Remain Bearish Vs Dollar?

Posted by FXTimes in Daily - November 15th, 2016 7:16 am GMT

Euro EURUSD

Key Points           

  • The Euro declined heavily this week so far against the US Dollar, and traded below the 1.0800 support area.
  • There is a bearish trend line formed on the hourly chart of EURUSD, which is acting as a resistance around 1.0750-60.
  • Today in the Euro Zone, the German Gross Domestic Product was released by the Statistisches Bundesamt Deutschland.
  • The result was lower than the forecast, as there was an increase of 0.2% in Q3 2016.

EURUSD Technical Analysis

The Euro was under heavy selling pressure lately, as it broke a couple of important support levels recently, including 1.1000 and 1.0800. The EURUSD pair traded as low as 1.0706, and currently attempting to correct higher.

EURUSD Technical Analysis

The pair is currently facing sellers near a bearish trend line formed on the hourly chart, and the 23.6% Fib retracement level of the last decline from the 1.0915 high to 1.0706 low.

There are many resistances on the way up for the pair, and any corrections may be considered as a selling opportunity.

German Gross Domestic Product

Today in the Euro Zone, the Gross Domestic Product, which is a measure of the total value of all goods and services produced by Germany was released by the Statistisches Bundesamt Deutschland.

The market was not expecting an increase of 0.3% in Q3 2016, compared with the same previous quarter. However, the result was disappointing, as there was a rise of 0.2%. When we look at the yearly change, there was a rise of 1.5%, which was less than the last increase of 3.1%. The report added that “In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), positive contributions were made mainly by domestic final consumption expenditure. The final consumption expenditure of both households and government continued to increase”.

Overall, the EURUSD may correct a few pips higher from the current levels, but it is likely to face sellers on the upside.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.