EUR/USD daily chart with support and resistance lines on it. Click to enlarge:
- German Import Prices: Monday, 7:00. Import prices continue to drop, as the indicator has posted declines in five of the past six months. This points to weaker inflation. The October release came in at -0.1%, edging above the forecast of -0.2%.
EUR/USD Technical analysis
Technical lines from top to bottom:
We start with resistance at 1.1515, which was a high point at the end of January.
1.1435 was a low point at the beginning of February.
1.1390 has held firm in resistance since June. This is followed by 1.1345.
1.1290 was last tested in early July. 1.1215 is next.
1.1119 remains relevant. It is an immediate resistance line.
1.1025 (mentioned last week) is protecting the symbolic 1.10 level. 1.0925 is next.
1.0829 has held in support since April 2017.
1.0690 is the final support level for now.
I am neutral on EUR/USD
Economic activity in the eurozone remains soft, and the German locomotive is also showing signs of weakness. The trade agreement between the U.S. and China could, however, boost exports from the eurozone and lift the manufacturing sector.