EUR/USD is currently residing just over the support area of 1.0525-50 after some bearish pressure on Friday. Today EUR had some positive results on Economical events like Spanish Flash CPI which came out as 3.0% which was expected to be 3.3%, M3 Money Supply which was equal to the forecast 4.9% but Private Loans is seen to increase by 0.1% at 2.2% which was forecasted to be 2.1%. Today USD also have some important high impact economic event Core Durable Goods Orders which is forecasted to remain same as previous at 0.5% and Pending Home Sales is forecasted to decrease from 1.6% to 1.1%. If USD fails to provide some good economy data today EUR is said to gain more strength in the coming days.
Now let us look at the technical view, price has bounced off from the support area between 1.0525-50 and despite the bearish pressure on Friday, bias is still bullish. If the price remains above the support area it is expected that the price will hit the nearest resistance at 1.0640-50 area and if that resistance is also taken out due to heavy bullish pressure 1.08 will be the ultimate resistance to target upside. On the other hand, if the price breaks below the support area 1.0525 then we might see much more downwards movement.
