A break above this level could signal a bullish breakout, taking prices towards the next resistance at $1.30931, and possibly higher to $1.31128 or $1.31321.
However, immediate support is at $1.30338, and a decline below could push the pair towards $1.30132.
For now, price action remains neutral, with traders keeping an eye on a potential breakout. A bullish move above $1.30666 could shift sentiment upwards.
The euro stagnates amid mixed German economic data
The euro remains stable while German wholesale prices fell 0.3%, slightly better than the previous decline of 0.8%. Meanwhile, France’s final CPI remained at -1.2%, reflecting persistent deflationary pressures.
Investors are now focusing on the German ZEW Economic Sentiment report, which is expected to be 10.2, and on industrial production in the eurozone, which is expected to rise by 1.8%. These key indicators will shape the short-term trajectory of the euro.
EUR/USD Technical Forecast
The EUR/USD is trading at $1.08916, with a bearish tone as it remains within a downward channel. Immediate support is seen at $1.08852, and a break below could push prices towards $1.08666.