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The early Monday morning of Asian session is witnessing some weakness in EUR/USD but this can not be taken as a sign of topping. Few markets are open as of now as Japan has a national holiday today.

EUR/USD Today

EUR/USD Economic Releases:

U.S.: No economic releases are scheduled today because of Federal holiday of Columbus Day. As far as economic releases are concerned tomorrow is also a dull day at U.S. end as nothing much is scheduled to come out.

Euro Zone: As far as important releases are concerned, we have German Trade Balance and Current Account today at 06:00 hrs. GMT and German Industrial Production data at 10:00 hrs. GMT. In between these two at 08:30 GMT we have SENTIX Investor Confidence release.

EUR/USD Outlook:

The opening weakness of this week does not change anything what we had mentioned in our weekly EUR/USD outlook yesterday. The current price is still above the 5-day EMA and seems to be getting support at that level. A break of that and then Friday’s low of 1.2994 would be the first indication of any possibilities of some consolidation towards 1.2925/1.2935, where 22-day EMA should work as support. Overall we expect some more upward gains as mentioned in our weekly outlook. This outlook for further immediate gains will start neutralizing only with a decisive break below the above mentioned support of  1.2925/1.2935 and more specifically 1.2920.