The price has pierced the descending trendline, now is testing the previous resistance. This pair retested the 1,3218 – 1,3221 level but now is a good opportunity to break above this resistance area and to close the gap down. If the price will goo above 1,3221 the the next target will be  at 1,3243 and higher at 1,3297 and 1,3348. All the eyes are on U.S. data, we have Preliminary GDP, Unemployment Claims and Pending Home Sales.  This morning we had Spanish Flash CPI, this indicator falls to -0,5% from -0,3%. German Unemployment Change rose from -12k to 2k, is slightly worse than the forecast of -5K. If the U.S. data will have negative aspects then EUR/USD will grow on short term. Stochastic is oversold.

By Olimpiu Tuns – owner of ovtbusiness.com and trader on Financial Markets for more than 4 years.