Germany’s factory orders report on Friday saw a 0.7% increase in activity. This was slightly higher than the estimates of a 0.6% increase and follows a flat print from the month before. The common currency was, however, muted on Friday. The Sentix investor confidence report is due later today which could be the main event risk for the common currency.
Will the EURUSD Maintain Its Range?
The EURUSD has failed to break out from the resistance level at 1.1346. Friday’s price action briefly tested this level before prices plunged. However, we see that the consolidation has given rise to an ascending triangle pattern. A breakout from here could see price testing 1.1276 resistance in the near term.
