A Tentative Trade Truce Supports the Markets [Video]
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EUR/USD is trading around 1.1350, lower. Reports, later denied by China, about a US-Sino trade truce have failed to push the price higher. German inflation and US GDP are eyed later today.
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The US Federal Reserve paved the way for a rate cut, the dollar plunged
The EUR/USD pair has recovered the 1.1300 level at the end of the week, remaining below the previous two weekly highs in the 1.1340 price zone. The dollar's weakness was directly connected to the US Federal Reserve, as the central bank paved the way for a rate cut. What kept the EUR/USD pair within familiar levels is the fact that the ECB is also planning more stimulus for the next months.
EUR/USD has been consolidating its losses in the mid-1.1300s and is looking for a new direction. It now awaits critical inflation data from Germany and the final first-quarter GDP from the US. What's next?
The Technical Confluences Indicator shows EUR/USD faces robust resistance at around 1.1365 which is a dense cluster of technical lines including the Simple Moving Average 5-one-day, the SMA 5-15m, the Fibonacci 61.8% one-day, the Fibonacci 161.8% one-month, and more.
Further up, the world's most popular currency pair may stall at 1.1416 which is the convergence of the Pivot Point one-day Resistance 2, the PP 1m-R3, the BB one-day-Upper, and the BB 4h-Upper.
Looking down, somewhat weaker support awaits at 1.1349 which is the confluence of the previous daily low, the SMA 200-1d, the BB 1h-lower, and the BB 4h-lower.
