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EUR/USD has been following a steady rally recently that has led the price to reach the 1.2300 resistance area today. Due to the observance of Martin Luther King Day today, USD had little impact on the market whereas EUR has been quite impulsive amid positive economic reports published today. Today, the eurozone Trade Balance report was published with an increase to 22.5B from the previous figure of 19.0B which was expected to be at 22.4B. Such positive result during the US holiday provided the needed momentum to EUR, so that the shared currency has gained strong momentum to take the price much higher today. On the USD side, this week on Thursday Unemployment Claims report is going to be published which is expected to decrease to 251k from the previous figure of 261k and Building Permits report is expected to decrease to 1.29M from the previous figure of 1.30M. As for the current scenario, USD is quite weaker than other currencies in the market whereas EUR has been the most impulsive among others. If the US fails to provide positive economic reports, USD will not be able to recover losses in the coming days. On the other hand, EUR is expected to take the price much higher in the coming days.
Now let us look at the technical chart. The price is currently residing below the 1.2300 resistance area which is also the 100.00 Fibonacci Extension level from where a Bearish Divergence can be observed emerging. As the price remains below 1.2300 with a daily close, the bearish pressure is expected to continue with a target towards 1.2150 and later towards 1.2050 support area in the coming days.
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