For the consecutive drop of the seven-day, the euro with the green candle makes its position strong against the US dollar.

It could be happening because of the positive results of Germany’s trade balance, which was released yesterday by the Statistisches Bundesamt Deutschland. The trade balance made an increase of €22.2B in January as compared to the month before data of €16.6B, in fact, this figure also surpassed the expectation of the economist, which considers it to be at €16.2B.

Trade balance establishes the balance between the country’s imports and exports, thus the increased reading or positive outcome of it, pointing to the economy’s surplus account, which would generate the country’s positive development.

As of this writing, the EURUSD affirms around 1.1887. The price of EURUSD might come across some major resistance spots, which might create a hurdle for the growth of the pair (as shown in a figure).

Fortunately, on the other side of the picture, there is the main support level that would help the price to sustain around the given level. 

Also, there is news from the Destatis (the European Union’s Statistical Office), which going to release numbers on Friday (March 12, 2021) regarding the Harmonized Index of Consumer Prices data. The HCIP recorded a reading of -0.1 percent, which is the same as the reading of -0.1 percent in the month before, according to economists’ consensus. The figure for HCIP reflects the price measurement of the Governing Council to assess the quantitative stability of the prices in the eurozone. 

Conclusion

If we analyze the EURUSD market activity of the last few days, then it comes to know that the stock decreases its price movement and its market might remain bearish because of the lower low wave on the downside of the price movement, so both short- and long-term traders might miss the investment opportunity.