Current trend
The EUR/USD pair continues falling. The European currency is under pressure from Germany’s macroeconomic releases. IFO Expectations indicator came below the forecast, having fallen to 98.8 points. The statistics have raised concern that the eurozone’s largest economy is experiencing a slowdown.
Today, attention needs to be paid to data on Consumer Confidence, due in the US. If the indicator exceeds 97 points, the Euro is likely to continue its decline.
Support and resistance
RSI has reached the 30 level, indicating the price is approaching the overbought zone and can turn down from the current levels 1.0990-1.0970.
The nearest support level is 1.0991.
The nearest resistance level is 1.1052.
Trading tips
Short positions can be opened from the level of 1.0980 with the target at 1.0950 and stop-loss at 1.1000.
The EUR/USD pair continues falling. The European currency is under pressure from Germany’s macroeconomic releases. IFO Expectations indicator came below the forecast, having fallen to 98.8 points. The statistics have raised concern that the eurozone’s largest economy is experiencing a slowdown.
Today, attention needs to be paid to data on Consumer Confidence, due in the US. If the indicator exceeds 97 points, the Euro is likely to continue its decline.
Support and resistance
RSI has reached the 30 level, indicating the price is approaching the overbought zone and can turn down from the current levels 1.0990-1.0970.
The nearest support level is 1.0991.
The nearest resistance level is 1.1052.
Trading tips
Short positions can be opened from the level of 1.0980 with the target at 1.0950 and stop-loss at 1.1000.