EUR/USD remains firmly in bear grip with the 50-hour average capping upside in Asia. A big beat on the forward-looking German Gfk Consumer Confidence is needed to stall the sell-off. EUR/USD is feeling the pull of gravity while heading into the London open. The currency pair is currently trading just below 1.08, having hit a high of 1.0815 in Asia. The pullback marks another failure on the part of the bulls to keep the pair above the 50-hour moving average located near 1.0810 during the Asian session. Traders should note that the pair has charted multiple lower highs just above the 50-hour MA in the last 10 days. Focus on German Consumer Confidence The German Gfk Consumer Confidence Survey, due at 07:00 GMT, is forecasted to show a slight deterioration in the consumer sentiment in March. The index is expected to tick lower to 9.8 from February’s 9.9 reading. If the forward-looking number disappoints expectations, the already weak euro could suffer a steep drop toward the psychological support at 1.0750. Alternatively, a big beat on expectations could yield a notable corrective bounce above the 50-hour MA, currently placed at 1.0805. Germany will also report the Producer Price Index for January at 07:00 GMT. That data, however, isn’t a big market mover. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD Price Analysis: MACD favors bears, six-month-old resistance line caps any bounce FX Street 2 years EUR/USD remains firmly in bear grip with the 50-hour average capping upside in Asia. A big beat on the forward-looking German Gfk Consumer Confidence is needed to stall the sell-off. EUR/USD is feeling the pull of gravity while heading into the London open. The currency pair is currently trading just below 1.08, having hit a high of 1.0815 in Asia. The pullback marks another failure on the part of the bulls to keep the pair above the 50-hour moving average located near 1.0810 during the Asian session. Traders should note that the pair has charted multiple lower highs just above the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.