EURUSD – Is This Trend Change In Euro Vs US Dollar
Key Highlights
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Euro traded higher against the US Dollar, and there are possibilities of more upsides in EURUSD moving ahead.
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There was a bearish trend line break on the 4-hours chart of the EURUSD pair, which is a positive sign for the Euro bulls.
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In the Euro Zone, the German Factory orders will be released by the Deutsche Bundesbank, which is forecasted to decline by 0.6% in April 2016.
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In the US, the labor market conditions index (LMCI) will be released, which may impact the greenback in the short term.
EURUSD Technical Analysis
The Euro this past week traded down and tested the 1.1095 level vs the US Dollar, but after the awful US NFP data pushed the EURUSD pair higher. There was a nasty upside move in EURUSD, which took it above a couple of important resistance areas.
There was a bearish trend line formed on the 4-hours chart of the EURUSD pair, which was broken during the upside move.
The pair also settled above the 100 and 200 simple moving average on the 4-hours chart, which is another positive sign for the Euro bulls. All in all, there are a lot of bullish signals for EURUSD pair and the Euro moving ahead.
German Factory Orders
Today in the Euro Zone, the German Factory orders, which is an indicator that includes shipments, inventories, and new and unfilled orders will be released by the Deutsche Bundesbank. The forecast is slated for a decrease of 0.6% in April 2016, compared with the previous month. The market is not expecting a nice growth in the German Factory orders, but the outcome may not impact the Euro as it will depend on the market sentiment.
