Key Points
- Euro was crushed during the past couple of sessions against the US dollar, and it looks set for more declines.
- EURUSD formed a bearish structure on the hourly chart, which was broken to ignite a downside move.
- German Gross Domestic Product released by the Statistisches Bundesamt Deutschland came in at 0.3% in the fourth quarter of 2015.
- In terms of the yearly change, there was a rise of 1.3% in the German Gross Domestic Product (w.d.a).
Technical Analysis
- The Euro suffered heavy losses against the US dollar recently, and it just got worse. There was a descending channel pattern formed on the hourly chart of the EURUSD pair, which was broken to pave the way for more losses in the near term.
- The EURUSD pair is well below the 100, 200 and 50 hourly simple moving averages, which is a sign of weakness. If there is a break below 1.0980, then a move towards 1.0950 is on the cards.
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