Closing last week with a massive selling pressure on the EUR/USD pair, it has started the trading day below 1.0640-50 area. Today German PPI was published with a positive result at 0.7% which was forecasted to be 0.3%, and this data, as well as the Eurogroup meeting affected the performance of USD where EUR is gaining stronger. Due to President's day, the USA is having bank holiday which left USD having no way to show its strength against EUR. Moreover, EUR Consumer Confidence report is also going to be published today which is expected to remain unchanged at -5. In this case, if the report turns out positive EUR is expected to climb up much higher against USD.
Now let us look at the technical view, currently, the price is below the resistance 1.0640-50 and bearish bias seemed to be quite intact so far. If we see the price bouncing off from the resistance area 1.0640-50 with any bullish rejection the price action or bearish pressure off the level we will be looking forward to sell towards the next support at 1.0530. On the other hand, if the price breaks above 1.0640-50 resistance area we will not consider buying this pair until the price closes above 1.0700.
