Forex traders are constantly trying to predict the direction that major currencies will take. The euro recovered some ground on Monday after a long Doji pattern showed investors were indecisive.
The short-term trend for the single currency is bullish. Price action has remained above psychological support of 1.10 on the fourth day in a row.
The forex market is undergoing a number of key changes.
Euro maintains positive tone despite drop in German Industrial Production
Euro gained momentum Monday, despite the significant decline in German industrial production for March. The single currency maintains a positive stance. Near-term, the bias remains bullish. Prices remain above 1,10 for the fourth straight day.
It went from a drop of -3.4% in January to a gain of 2.1% in February. The euro has also increased by almost 16% since its lows in September. The euro rose by 0.29%, to $1.10505, on the expectation that the European Central Bank would keep interest rates higher for a longer time period than the US Federal Reserve.
Even though March’s rates were not so promising, the currency has kept a positive tone,…