The Euro searched higher after Walmart reported weak numbers and lowered expectations. Walmart is one of the American companies that are followed by investors as it is a good reflection on consumer spending. The announcement affected the US Dollar and helped the EURUSD to bounce back from recent declines.
Euro Zone Comes Out of Recession
Yesterday news about the Eurozone coming out of recession has also contributed to today’s move. Suddenly the pair which was meant for decline in chart terms, has turned around and is in good position to push towards the 1.33787 resistance level. Since last year the pair has found it difficult to settle above this level.
Tomorrow Inflation Could Lift the EURO
Besides today’s move, technical indicators are still facing resistance. Tomorrow the Inflation Rate for the Eurozone is expected to be lower. Perhaps tomorrow would be the day when the pair is confirmed in bullish territory. If so the EURUSD could end the week in a good note.
Traders will keep an eye on the resistance level at which the pair is currently trading. Any move beyond 1.3400 could trigger a bullish momentum.