The EURUSD pair is technically bullish, needs to clear the 1.1480 resistance area. The American currency remains weak and near multi-week lows against most major rivals Forecast Forex FX
The February EU Sentix Investor Confidence improved to 16.6, more than anticipated.The greenback remains on the back foot on Monday, trading near its recent multi-week lows against most of its major rivals. The EUR/USD pair fell to an intraday low of 1.1414 during London trading hours, bouncing back heading into Wall Street’s opening, now hovering around 1.1435.traded mixed in Asia and Europe, hinting at a soft start in US equities markets.
Data wise, Germany published December Industrial Production, which fell by 0.3% MoM, missing expectations. The annual reading printed at -4.1% against the market’s forecast of -2.4%. On the other hand, the February EU Sentix Investor Confidence improved by more than anticipated, to 16.6 from 14.9 in January. The US will not publish relevant macroeconomic data today.
The 4-hour chart shows that the 20 SMA has advanced above the largest ones, maintaining its bullish slope below the current level. Technical indicators have corrected extreme oversold readings before picking up, reflecting continued buying interest. The pair has topped twice in the 1.1480 area, which means stops are starting to accumulate just above the level. If those get triggered, the pair could rally towards the 1.1550 region in the upcoming session.
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