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EURUSD : Decline From Key Resistance at 1.3216, Revival May Occur

EURUSD : 4 Hour Chart

EURUSD is acting pretty late after the release of the series of economic data. The pair was not able to hold up gains above the resistance at 1.3216. European data released this morning was weak across the board. Euro zone economic confidence declined to an eight month low reading in August. Germany economy also didn’t post impressive numbers and according to the official data added 2K to the unemployment pool in August against an expectation for a decline by 5K. Concerns over geopolitical tension in Ukraine persists as it accused Russia of invading into the eastern part of the country which will definitely going to affect German market. Germany is the largest economy in the euro area.

EURUSD : Weekly Chart

If we look at the weekly chart of EURUSD, we can see that the pair is following a rising channel trend. The pair declined below the key support at 1.3216 and now testing the key support from the rising support trend line. The pair might revive from this support level or continue to decline below this support level.On the stochastic oscillator the pair seems to be in the oversold zone and we might see a revival. Investors would be waiting for the ECB policy statement and expecting new easing measures from the central bank.