EUR/USD has taken out the resistance 1.08 resistance area and today retested the resistance as support and heading towards 1.0970. Today, it was a very important day for USD as Positive CB Consumer Confidence report was published at 125.6 which was forecasted to be at 113.9, US Goods Trade Balance was also positive at -64.8B which was expected to be at -66.6B and FOMC Member Kaplan is going have a speech today regarding interest rates and monetary policy, which is expected to have a major impact on USD based pairs. On the other hand, we did not have any EUR events today to affect EUR, but tomorrow we have EUR German Import Prices report which previously was at 0.9% and forecasted to be at 0.4%.

Now let us look at the technical view, the week started with a gap which is still unfulfilled by the price with any rejection. Currently the price has broken above 1.08 resistance and retested as support to climb up higher. It is expected that as the price remains above 1.08, the price will hit the 1.0970 near-term resistance before hitting the spike of 1.13.