The EUR/USD pair advances above the 1.1000 figure, even after the EU Economic confidence fell in April to 103.7 below previous 103.9, also missing expectations. The market is all about US GDP for the Q1 and the FED meeting outcome, later on in the day. As for the Q1 GDP figures, market expectations are of a limited growth, considering data has been tepid ever since the year started. And when it comes to the FED, no changes in the economic policy are expected, and investors have been pricing in a dovish tone for today.
Technically, the pair maintains the bullish tone seen during the last sessions, as the 4 hours chart shows that the price extended further above a strongly bullish 20 SMA, currently around 1.0900, whilst the technical indicators are heading back higher after partially correcting overbought readings. The pair can advance up to 1.1050 now, but it's probable that investors will refrain from pushing it higher ahead of the news. Should the GDP readings disappoint, a break through 1.1050 should lead to an advance up to 1.1120, a key midterm resistance level. Further advances seem unlikely for today, yet if the level is taken, the 1.1150/60 area comes next.
To the downside, the immediate support comes at 1.0950 a strong static support, with a break below it exposing the 1.0900 figure.
View Live Chart for EUR/USD
Technically, the pair maintains the bullish tone seen during the last sessions, as the 4 hours chart shows that the price extended further above a strongly bullish 20 SMA, currently around 1.0900, whilst the technical indicators are heading back higher after partially correcting overbought readings. The pair can advance up to 1.1050 now, but it's probable that investors will refrain from pushing it higher ahead of the news. Should the GDP readings disappoint, a break through 1.1050 should lead to an advance up to 1.1120, a key midterm resistance level. Further advances seem unlikely for today, yet if the level is taken, the 1.1150/60 area comes next.
To the downside, the immediate support comes at 1.0950 a strong static support, with a break below it exposing the 1.0900 figure.
View Live Chart for EUR/USD
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