Eur today weakened against the USD at a price of 1.1131. The provided graph depicted the EURUSD image with its continuous price variance. As yesterday it marked a bullish candle with a price of 1,1152, and today it falls to 20 pips, well today the price decrease is presumed due to the consumer price index that stood on the 1.5% with a deviation of 0 percent, as compared to the last month.
HICP is a consumer price index measured and distributed by Destatis, the European Union’s Statistical Office, based on a statistical methodology that has been harmonized across all EU member states. HICP is a market index used by the EU Governing Council for quantitatively identifying and measuring price stability in the euro area as a whole. The decrease in the Consumer Price Index is therefore considered to be an important element that exerted its impact on the euro currency. As expressed in the fall in prices today.
Likewise, if the look puts on Germany’s trade balance, then a decline of Eur 2 B trade has been found. As it is a case generating some uncertainty for the EUR. If a stable demand is seen in exchange for German exports, that would translate into a positive growth in the balance of trade, and this should be good for the euro and vice-versa.
The following graph shows the level of support after the price that helps the price to take it above that level and also helps it to cross the barriers of the level of resistance.
On the upper side, it was noticed that this price also has the pressure of many levels of resistance which could make it difficult for the price to move above the current level, or it is also the possibility that these levels will bring the price below this level.
Trading opportunities at present levels for both short-term and long-term positions may not succeed, because the technical bias is expected to remain bearish for a while.