EURUSD Climbs Higher Ahead Of Euro Area GDP by Eurostat
Aayush Jindal
Key Highlights
Euro managed to gain traction against the US dollar recently and traded higher to test the 1.1450 resistance area.
Euro Area Gross Domestic Product will be released by the Eurostat today, which is expected to register an increase of 0.2% in the fourth quarter of 2014.
During the NY session, the Reuters/Michigan Consumer Sentiment Index will be released by the Reuters/University of Michigan which is forecasted to remain stable at 98.1.
Euro Area GDPThere is a major risk event scheduled during the London session, as the Euro Area Euro Area Gross Domestic Product will be released by the Eurostat. The forecast is slated for an increase of 0.2% in the fourth quarter of 2014, compared to the third quarter of 2014 which registered a reading of 0.2%.Furthermore, when we consider the yearly change, then the Euro Area Gross Domestic Product is expected to gain by 0.8% in Q4 2014, compared to the same quarter of the last year. The Forex market expectation is not on the higher side, but if the outcome misses the forecast, then it would be interesting to see how the Euro trades in the coming session.France GDPAbout an hour ago, the France Euro Area Gross Domestic Product was published. The outcome was not encouraging, as France GDP registered an increase of 0.2% in Q4 2014, compared to the same quarter of the last year. This was lower than the last reading of 0.4%. The monthly change was in line with the forecast with a 0.1% gain.Technical AnalysisThe Euro was seen trading in the positive territory against the US dollar during the past couple of session. The US retail sales data released yesterday ignited an upside reaction in EURUSD, which continued during the Asian session. There was a bearish trend line on the 4 hour chart of the EURUSD pair, which was breached recently. This particular break has encouraged the Euro buyers in the short term.On the upside, the next level of resistance can be around the 76.4% fib retracement level of the last leg from the 1.1532 high to 1.1269 low. A break above the same might expose a test of the last swing high of 1.1520 level moving ahead.
Technical AnalysisThe Euro was seen trading in the positive territory against the US dollar during the past couple of session. The US retail sales data released yesterday ignited an upside reaction in EURUSD, which continued during the Asian session. There was a bearish trend line on the 4 hour chart of the EURUSD pair, which was breached recently. This particular break has encouraged the Euro buyers in the short term.
On the upside, the next level of resistance can be around the 76.4% fib retracement level of the last leg from the 1.1532 high to 1.1269 low. A break above the same might expose a test of the last swing high of 1.1520 level moving ahead.
Technical AnalysisThe Euro was seen trading in the positive territory against the US dollar during the past couple of session. The US retail sales data released yesterday ignited an upside reaction in EURUSD, which continued during the Asian session. There was a bearish trend line on the 4 hour chart of the EURUSD pair, which was breached recently. This particular break has encouraged the Euro buyers in the short term.
On the upside, the next level of resistance can be around the 76.4% fib retracement level of the last leg from the 1.1532 high to 1.1269 low. A break above the same might expose a test of the last swing high of 1.1520 level moving ahead.