Technically, the pair was rejected from the 50% retracement of the February/March slide around 1.1000, and it currently trades below the 38.2% retracement of the same rally, at 1.0865, which means additional declines today will confirm the upward leg was merely corrective, and that the pair will most likely, resume its bearish trend. The 4 hours chart shows that the 20 SMA gains bearish slope well above the current price, limiting the upside around 1.0950, whilst the technical indicators head lower below their mid-lines, supporting a downward extension. A downward acceleration below 1.0780, may see the pair closing the week around 1.0710/20, while above 1.0865, the rally can extend up to the 1.0910 price zone.
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EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
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Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.