German banks are closed for the Easter Monday holiday and EUR/USD is almost unchanged. Currently, the pair is trading at 1.1249, up 0.03% on the day. There are no German or eurozone events on the calendar. In the U.S., there is just one release. Existing home sales is expected to slow to 5.31 million in March, after a strong reading of 5.51 a month earlier. Housing data will remain in focus on Tuesday, with the release of the housing price index and new home sales.
The euro dropped sharply on Thursday, after disappointing manufacturing PMIs from Germany and the eurozone. The manufacturing sector continues to post declines, as the global trade war has reduced demand for German and eurozone exports, and taken a toll on the German auto industry. German manufacturing PMI has slowed for nine successive months, and the worrisome trend shows no signs of changing until the U.S and China hammer out a trade agreement. The services sector, which is more reflective of domestic demand, is in better shape, as German and eurozone PMIs continue to indicate expansion.
It’s a quiet start to the week for EUR/USD, but that could quickly change, as the Trump administration is expected to announce on Monday that it will terminate sanction waivers given to some importers of Iranian oil, as of May 1. This move is intended to further tighten sanctions against Iran, and has sent crude prices higher on Monday. If risk apprehension rises, investors could flock to the safe-haven U.S. dollar at the expense of the euro. .
EUR/USD Fundamentals
Monday (April 22)
- 10:00 US Existing Home Sales. Estimate 5.31M
Tuesday (April 23)
-
9:00 US HPI. Estimate 0.6%
-
10:00 Eurozone Consumer Confidence. Estimate -7
-
10:00 US New Home Sales. Estimate 647K
EUR/USD Technical
| S1 | S2 | S1 | R1 | R2 | R3 |
| 1.1046 | 1.1120 | 1.1212 | 1.1300 | 1.1434 | 1.1553 |
EUR/USD posted small losses in the Asian session and has recovered in European trade
-
1.1212 is providing support
-
1.1300 is the next resistance line
-
Current range: 1.1212 to 1.1300
Further levels in both directions:
-
Below: 1.1212, 1.1120 and 1.1046
-
Above: 1.1300, 1.1434, 1.1553 and 1.1622
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.
Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.