Currently, with a price of less than 10810, the EUR dropped once again against the US dollar, it increased two days ago after the continuous loss of a long time, which brought the brightness in the darkroom of the EURUSD, but today’s result takes the EURUSD back into the bad state of failure. If we talking about the loss of today’s particularly then it might be because of the Economic sentiment.
The Economic Sentiment published by the Center for European Economic Research, which measures institutional investor sentiment, reflecting the difference between the share of optimistic investors and the share of pessimistic analysts, and this month it went from 26.7 to 8.7 compared to the previous month. In general terms, an optimistic view for the EUR is considered positive (or bullish), whereas a pessimistic view is considered negative (or bearish).
At this stage, on the upper side, the price is pressurized by the number of resistance levels, the first trendline resistance is above the price at 1.0852, ahead of the level of Fibonacci at 1.0866, and then the combination of the major horizontal resistance and the trendline at 1.1007.
While today’s release by the Statistisches Bundesamt Deutschland of The Gross Domestic Product, a calculation of the total value of all goods and services produced by Germany, meets the economist target of 0.4 percent, its positive results are explicitly regarded as a large indicator of German healthy economic activity.
Trading at this stage is not affordable to traders as it involves the number of risks, moreover, the stock could remain bearish for a while.