EURUSD Analysis: Hints from the cloud [Video]
USD gives back some ground, but still the strongest
The American currency is giving back some ground this Tuesday, but holds near multi-week highs against most of its rivals. EUR/USD ranging in the 1.2210/30 region.
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The headline German IFO business climate indicator retreated lower in April falling below market expectations.
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EUR/USD at risk of falling to 1.2100
Another week ends with the EUR/USD pair unable to abandon its comfort zone around the 1.2300 figure. Indeed, intraday trading was a bit more entertained, and some nervous back and forth suggest that it won't be long until a decision is made.
The GBP/USD remains under immense pressure as the US Dollar storms the board. The Technical Confluences Indicator shows a dense cluster of support around $1.3915. This is the convergence of many significant technical levels: the Fibonacci 61.8% one-month, the Bolinger Band one-day Lower (Stdv. 2.2), the BB 1h-Lower, the one-day high, and more.
Below this line, the pair only has just a few support lines which are few and far between. The PP one-week S1 at $1.3871, the SMA100-1d at $1.3842, and several others, but no line is really strong.
