EUR/USD keeps navigating the lower end of the recent range near 1.1240 following last week’s rejection from above 1.1300 the figure. With most European markets closed due to Easter Monday, the immediate focus is now on the US existing homes sales data for fresh impetus.
The GBP/USD pair tested the 1.30 handle in the Asian trades, now consolidates just below the last amid a lack of fresh catalysts and Easter Monday holiday-thinned trading. Next of relevance is US data while the key UK cross-party Brexit talks remain in focus this week.
The EUR/CNY has dived out of the five-year-long bullish channel and the resulting CNY appreciation, if any, could force the People’s Bank of China into action.
China property index continues to under perform amid higher rates, gov't comments; Oil prices rise on supply concerns: Japan’s Golden Week holiday on the radar, Aussie CPI expected on Wednesday.
Bitcoin (BTC) managed to recover from the Sunday’s low $5,214 however, the upside potential is slow. The recovery of the first digital coin is still limited by $5,300 handle, as the weekend attempts to settle above this handle bore no results.
Litecoin has been sliding for the third day in a row. LTC/USD touched $73.70 low on Sunday before recovering to $76.00 by the time of writing. The 6th largest digital coin with the current market value has lost nearly 9% since Friday, April 19 amid massive sell-off triggered mostly by technical factors.
TRON (TRX), now the 11th largest digital asset with the market value of $1.6 billion, is changing hands at $0.0251 with mild bearish bias. The coin has lost nearly 2% in recent 24 hours, though it is still locked in a range limited by $0.0280 on the upside and $0.0250 on the downside.
Ripple’s XRP dropped to $0.3175 on Sunday before recovering towards $0.3200 during early Asian hours on Monday The coin is still down 2.5% on a day-on-day basis and unchanged since the beginning of the day.
German economic slowdown weighing on the Union, ECB's stimulus more than justified
Indecisive market's behavior at the beginning of the week got sort of a definition Thursday, with the EU Markit preliminary PMI for April. The reports indicated that business activity bounced from March's collapse, but not enough. The index for the German's manufacturing sector barely recovered from a multi-year low and remained well into contraction territory.
EUR/USD is trading in a narrow range around 1.1300 as the long Easter weekend approaches. The pair enjoys substantial support. Can it rally?
The Technical Confluences Indicator shows that the round number of 1.1300 is a dense cluster of lines including the Simple Moving Average 5-1h, the Fibonacci 61.8% one-day, the SMA 10-15m, the SMA 10-1h, the SMA 10-4h, the SMA 50-1h, the SMA 5-4h, the SMA 50-1d, the Bollinger Band 1h-Middle, and more.
More significant support awaits at 1.1282 where we see the convergence of the previous daily low, the Fibonacci 38.2% one-month, the SMA 200-1h, the Fibonacci 38.2% one-week, the BB 4h-Lower, and the SMA 5-1d.
The initial upside target is 1.1347 where the Fibonacci 61.8% one-month, the Pivot Point one-week R1, the BB 1d-Upper, and the SMA 100-1d.
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