HomeContributorsTechnical AnalysisEurozone Trade Surplus Rises To 11-Month High

Eurozone Trade Surplus Rises To 11-Month High

The trade surplus in the eurozone grew to the highest levels in a year in February.

Data from the statistics agency Eurostat showed that on a seasonally adjusted basis, trade surplus grew to 19.5 billion euro from 17.4 billion in January. This was the biggest jump since March 2018. However, the euro did not react much to the data.

EURUSD Eases Back to the Trendline

The lack of momentum in the currency pair has pushed it back to test the minor rising trend line. As long as prices remain supported by the trendline, we expect to see some upside with the 1.1330 level of resistance as the target.

The flash PMI’s are due out later today. The data could potentially decide the outcome in the direction. The lower support at 1.1276 could hold the declines, if any, in the short term.

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