The possibility of a Greece default, was fueled by a local newspaper, saying that the New Democracy party believes that a Greek exit is possible, and by German Finance Minister Wolfgang Schaeuble who ruled out further concessions to Greece, saying it’s up to the Greek government to commit to the reforms needed to release aid. ECB's Mario Draghi, said pretty much the same on Wednesday in the Central Bank economic policy meeting, when asked by a journalist.
The technical picture shows that, in the 4 hours chart, the pair has failed to sustain gains above the 61.8% retracement of its latest bullish run, and trades in the 1.0640 region, with the immediate support is at 1.0620, where the pair has established its daily low and where the 20 SMA aims slightly higher in the mentioned time frame. The technical indicators present a nice bearish slope, but remain above their mid-lines, suggesting additional declines below the mentioned 1.0620 level are required to confirm a new leg lower, towards 1.0550, next strong static support level. A break below it should lead to an approach to the 1.0500 figure. To the upside, the immediate resistance comes at 1.0690, the 61.8% retracement of the latest bullish rally, with some gains above it favoring a retest of the 1.0750/60 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
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.