Key PointsThe Euro moved down recently below the 1.0900 level against the US dollar to trade as low as 1.0859. There is a contracting triangle pattern formed at the moment on the hourly chart of EURUSD with resistance near 1.0885. Today, the German business sentiment index was released by the CESifo Group. The outcome was above the forecast, as there was an increase from the last reading of 109.5 to 110.5 in Oct 2016. EURUSD Technical Analysis
The Euro traded lower recently and broke a couple of support levels like 1.0920 and 1.0880 against the US Dollar to trade as low as 1.0859. The EURUSD pair then formed a contracting triangle pattern on the hourly chart, and currently [...]
Key PointsThe New Zealand dollar traded higher during the Asian session to test the 0.7200 level against the US Dollar. There is a major bullish trend line on the hourly chart of NZDUSD, which may act as a support at 0.7160 on the downside. Today, the New Zealand Consumer Price Index was released by the Statistics New Zealand. The outcome was above the forecast of +0.1%, as it came in at +0.2% in Q3 2016. NZDUSD Technical Analysis
The New Zealand Dollar was all bullish during the past couple of sessions versus the US dollar, as it traded above the 0.7160 resistance. There was a test of the 0.7200 handle, where sellers appeared and currently preventing gains.
Key PointsThe Euro fell against the US Dollar, and currently trading near the last low of 1.1105. There is likely a double bottom pattern forming on the hourly chart of the EURUSD pair, which may provide us a bounce moving ahead. Today in the Euro Zone, the German ZEW Economic Sentiment was published. The outcome was positive, as there was a rise from the last reading of 0.5 to 6 in Oct 2016. EURUSD Technical Analysis
The Euro after trading near 1.1200 against the US Dollar found sellers near a bearish trend line formed on the hourly chart. The EURUSD pair fell and currently trading near the last low of 1.1105. It is currently finding bids and [...]