The Euro managed to move higher against the US Dollar and traded above 1.0700.
There is an ascending channel pattern formed on the 4-hours chart of EURUSD with support near 1.0700 and resistance at 1.0750.
The pair is reaching the resistance area where there is a chance of a minor reaction near 1.0750.
In the Euro Area today, the Consumer Confidence figure will be released by the European Commission, which is forecasted to remain around -5.1 in Jan 2017 (preliminary).
EURUSD Technical Analysis
The Euro popped higher recently and remained in an uptrend against the US Dollar, as it traded above 1.0700. The EURUSD pair market sentiment is positive, and signaling more gains in the short term.The pair recently spiked above a major resistance area at 1.0700, opening the doors for a move towards 1.0750. On the 4-hours chart, there is an ascending channel pattern with support near 1.0700 and resistance at 1.0750.The pair is reaching the channel resistance trend line which also coincides with the 1.236 extension of the last wave from the 1.0719 high to 1.0580 low. So, there is a chance of the pair struggling near 1.0750 and correcting lower in the short term.However, the trend is positive for the pair, and any major dips might be bought back. Both 100 and 200 simple moving average (H4) are below the current price, and turning north, suggesting positive signs.
Euro Area Consumer Confidence
Today in the Euro Zone and the US, there is no major economic release lined up. The only one to watch out will be the Consumer Confidence released by the European Commission. It is a leading index that measures the level of consumer confidence in economic activity and is forecasted to remain around -5.1 in Jan 2017 (preliminary).Any major decline in the Consumer Confidence may put a lot of pressure on the Euro bulls. On the other hand, if there is an increase in the Consumer Confidence, there are chances of EURUSD gaining pace, and even breaking the 1.0750 level for a move towards 1.0800. Overall, the EURUSD pair looks to trade higher until there is a negative news pulling it down.
The pair recently spiked above a major resistance area at 1.0700, opening the doors for a move towards 1.0750. On the 4-hours chart, there is an ascending channel pattern with support near 1.0700 and resistance at 1.0750.The pair is reaching the channel resistance trend line which also coincides with the 1.236 extension of the last wave from the 1.0719 high to 1.0580 low. So, there is a chance of the pair struggling near 1.0750 and correcting lower in the short term.However, the trend is positive for the pair, and any major dips might be bought back. Both 100 and 200 simple moving average (H4) are below the current price, and turning north, suggesting positive signs.