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We’ve got a handful of mid-tier reports from the eurozone today!

These might be enough to take EUR/USD back down to a nearby correction level where buyers are waiting.

But first, here are the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • French consumer spending and flash GDP at 6:30 am GMT
  • Swiss retail sales at 7:30 am GMT
  • Swiss KOF economic barometer at 8:00 am GMT
  • SNB Jordan’s testimony at 9:00 am GMT
  • Eurozone preliminary GDP at 9:00 am GMT
  • Eurozone flash CPI estimates at 10:00 am GMT

What to Watch: EUR/USD

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

This pair continues to cruise above a rising trend line visible on its short-term time frames. Price looks due for another dip to this support zone, which lines up with the Fib levels.

In particular, the 61.8% level is close to the trend line and a former resistance zone that might now hold as a floor.

This also happens to line up with the 100 SMA dynamic inflection point and the 1.2100 major psychological handle.

The 100 SMA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse. Stochastic is still pointing down, though, so the correction could keep going.

If any of the Fibs are able to keep losses in check, EUR/USD could recover to the highs near the 1.2150 minor psychological mark.

Of course this hinges on how the upcoming set of eurozone economic data turn out. Small improvements are eyed when it comes to growth and inflation figures, so these might be enough to keep the shared currency afloat.

Also keep in mind that the Fed reiterated their plans to keep monetary policy easy for much longer, which might limit gains for the safe-haven dollar.