- Euro managed to recover some ground against the US Dollar this week and currently trading with a positive tone.
- There was a bearish trend line formed on the hourly chart, which was broken recently to open the doors for more gains.
- German Import price index, released by Deutsche Bundesbank posted a decline of 0.2% in November 2015, just as the market expected.
- In terms of the yearly change, the German Import price index declined -3.5% in November, compared with the forecast of -3.8%.
The EURUSD pair enjoyed a decent bullish ride during the past couple of sessions and traded higher. There was a bearish trend line formed on the hourly chart, which was broken by buyers to lift the buying sentiment.
The pair is currently trading near the 61.8% Fib retracement level of the last drop from the 1.1015 high to 1.0803 low. So, there is a chance of a minor downside reaction, which can be seen as a buying opportunity.
On the upside, the next stop for buyers could be around the 76.4% Fib retracement level at 1.0965.
German import Price Index
Today, the German Import price index, which measures the change in prices for goods imported by Germany was released by Deutsche Bundesbank. The forecast was slated for a decline of -0.2% in November 2015, compared with the preceding month. The result was as expected, which helped the Euro to some extent.
Looking at the yearly change, the German Import price index declined by -3.5%, compared with the same month a year ago. The forecast was slated for a decline of -3.8%.
Overall, the report was better than the forecast, but not on the positive side. However, the EURUSD pair is trading in a bullish zone, which means there is a chance of more gains in the near term.