Forex Market Commentary By TitanFX

[broolvgd88]

Key Highlights
• Euro moved lower against most major currencies surrounding all drama in the Euro area because of Greece situation.
• German and Euro area ZEW Economic sentiment will be released today, which is likely to impact the Euro pairs in the near term.
• Reserve bank of Australia released meeting minutes earlier today which caused swing moves in the Aussie dollar.

German ZEW Economic Sentiment
The Euro struggled during the past couple of hours against the US dollar and traded lower towards the 1.1300 support area. There was no major release lined up in the Euro area recently, but there is a critical event scheduled during the London session today. The German and Euro area ZEW Economic sentiment will be published. The forecast is of a gain in February 2015 from 48.4 to 55.0 for German ZEW Economic sentiment. The Euro ZEW Economic sentiment is also expected to register an increase from the last reading of 45.2 to 51.3.

[BurtonKr]

If the pair moves higher from here, then both MA’s might act as a resistance, followed by the broken trend line. The 50% fib retracement level of the last leg from the 1.1427 high to 1.1317 low is also around the same area. So, in short there is a major resistance forming around the 1.1380 level.

[Calvinpa]

Euro Nervous Ahead of German IFO Index

Key Highlights
• Euro gained this past week against the US dollar and it looks like it might continue to trade higher.
• German business sentiment index will be released by the CESifo Group, which is expected to register a rise from the last reading of 106.7 to 107.7.
• In the US, the Existing Home Sales will be released by the National Association of Realtors which is forecasted to register a reading of 5.03M in January 2015.
• Swing support in EURUSD can be seen around 1.1350 where buyers might step in.

German IFO Business Climate Index
Today during the London session, as the Germany IFO business sentiment index will be released by the CESifo Group. The forecast is slated for an increase from the last reading of 106.7 to 107.7 in January 2015, compared to the preceding month.

Technical Analysis
The Euro fell recently towards the 1.1280 support area this past week against the US dollar, but later managed to hold the ground traded back higher. The upside reaction from the mentioned level was very sharp, which ignited more than 80 pips move. There is a bearish trend line on the hourly chart, which is acting as a hurdle for the pair.