The EUR/USD pair extended its weekly advance up to 1.0832, after the release of the European inflation figures for March, matching expectations. Monthly basis, the consumer price index rose to 1.1%, from previous 0.6%, further evidencing the EZ is slowly recovering. Furthermore, the American dollar is under pressure across the board, which should favor additional advances.
Nevertheless, the 4 hours chart shows that the price is retracing from the a Fibonacci resistance around the mentioned daily high, but holds above the 1.0800 level. The 20 SMA heads strongly north well below the current price, whilst the technical indicators also aim north in positive territory, pointing for more intraday gains, should the price break above the mentioned Fibonacci resistance. The immediate resistance then, comes at 1.0870, whilst above this last, the 1.0900/10 area is next. To the downside, the level to watch is 1.0780 as a break below it may see the pair retreating down to the 1.0720/30 area.
View Live Chart for EUR/USD
Nevertheless, the 4 hours chart shows that the price is retracing from the a Fibonacci resistance around the mentioned daily high, but holds above the 1.0800 level. The 20 SMA heads strongly north well below the current price, whilst the technical indicators also aim north in positive territory, pointing for more intraday gains, should the price break above the mentioned Fibonacci resistance. The immediate resistance then, comes at 1.0870, whilst above this last, the 1.0900/10 area is next. To the downside, the level to watch is 1.0780 as a break below it may see the pair retreating down to the 1.0720/30 area.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.