Today at 07:00 GMT will be released a bunch of data from Germany, headlined by the Trade Balance (November), which should see an increase to 21.2B from 20.5B. The retail sales can register today a significative increase from -0.5% to 0.4% on its annual reading in November as well. Also, industrial production can expect a 0.6% for November, which is above the 0.3% posted in October.
Our technical analysis for EUR/USD at H1 chart ahead of German data is still showing a bullish picture, despite the weakness seen during Friday’s NFP session. Currently, the pair still finds support around 1.0524, where bulls could help to resume the rally towards new highs, but it seems that all odds (in technical terms) are favoring another decline to test the 200 SMA around the 1.0484 level. If that area gives up, then another fall to test the December 28th lows is likely to happen.
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Origin: FX BAZOOKA
