Despite starting the week higher, the EUR/USD pair trades at fresh daily low in the 1.0770 region after the release of German producer prices for March that fell by 1.7% compared with the corresponding month of the preceding year. Monthly basis, it decreased by 0.1% in March. Nevertheless, there's little going on in the forex board, with majors consolidating near their daily opening. The calendar will remain light for the rest of the day, anticipating limited moves across the board.
Technically, the 4 hours chart shows that the price of the EUR/USD pressures the 50% retracement of its latest bearish run, having been rejected last Friday from the 61.8% retracement of the same rally around 1.0840. In the same chart, the 20 SMA maintains a strong bullish slope below the current price, around 1.0730, whilst the technical indicators have lost their upward potential, but remain above their mid-lines. As long as the price remains below 1.0800, chances are of a downward extension towards the mentioned 1.0730 level, with an extension beyond this last probably finding some buying interest around 1.0710, the 38.2% retracement of the same rally. Above 1.0800 on the other hand, the pair can rally up to 1.0847, last Friday´s gains, whilst steady gains above this level should lead to a test of 1.0900.
View Live Chart for EUR/USD
Technically, the 4 hours chart shows that the price of the EUR/USD pressures the 50% retracement of its latest bearish run, having been rejected last Friday from the 61.8% retracement of the same rally around 1.0840. In the same chart, the 20 SMA maintains a strong bullish slope below the current price, around 1.0730, whilst the technical indicators have lost their upward potential, but remain above their mid-lines. As long as the price remains below 1.0800, chances are of a downward extension towards the mentioned 1.0730 level, with an extension beyond this last probably finding some buying interest around 1.0710, the 38.2% retracement of the same rally. Above 1.0800 on the other hand, the pair can rally up to 1.0847, last Friday´s gains, whilst steady gains above this level should lead to a test of 1.0900.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold: Strength of $2,300 support is an encouraging sign for bulls
Gold price started last week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.