Key Points
- The Euro was seen trading with a lot of positive bias against the US Dollar recently.
- There is a major bullish trend line formed on the hourly chart of the EURUSD pair, which may act as a support if the pair moves down.
- The German Producer Price Index was released by the Statistisches Bundesamt Deutschland.
- The outcome was positive, as there was a rise of 0.2% in July 2016, more than the forecast of 0.1%.
EURUSD Technical Analysis
The Euro was seen surging across the board, including against the US Dollar. There was a move above the 1.1300 level, which is a positive sign. A major bullish trend line formed on the hourly chart of the EURUSD pair, which can be seen as a buy zone if the pair corrects lower.
Moreover, on the downside, the 21 hourly simple moving average along with 50% Fib retracement level of the last wave from the 1.1238 low to 1.1366 high may also act as a support.
On the upside, if the EURUSD climbs further, then 1.1400 level may be tested.
– Guest Post Submitted By Aayush Jindal from the FXTimes Team
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