S1 |
S2 |
S1 |
R1 |
R2 |
R3 |
1.1046 |
1.1120 |
1.1212 |
1.1300 |
1.1434 |
1.1553 |
EUR/USD continues to have a quiet week. On Tuesday, the pair is trading at 1.1297, down 0.06% on the day. On the release front, German ZEW Economic Sentiment improved to 3.1, beating the estimate of 0.9. The all-eurozone indicator followed suit, rising to 4.2, above the forecast of 1.2 points. There are no major U.S. events on the schedule. On Tuesday, the eurozone releases CPI and OPEC members hold a meeting in Vienna.
There was positive news from the ZEW economic sentiment survey, a key gauge of investor confidence. The indicator has been mired in negative territory for the past 12 months, and finally climbed into territory in April. The score of 3.1 points to slight optimism on the part of institutional investors and analysts. The eurozone indicator showed a similar trend, climbing to 4.5 points, its first gain since May. The improvement in investor mood is attributable to the Brexit extension, which will give the parties time until October to try to reach a resolution to the deadlock. The ZEW said that investors were hopeful that the global economy would develop “less poorly” than expected. At the same time, eurozone growth remains weak and Germany is expected to cut its growth forecast for 2019, a result of a drop in exports.
Commodities Weekly: Gold pressured by risk bulls
EUR/USD Fundamentals
Tuesday (April 16)
-
5:00 German ZEW Economic Sentiment. Estimate 0.9. Actual 3.1
-
5:00 Eurozone ZEW Economic Sentiment. Estimate 1.2. Actual 4.5
-
9:15 US Capacity Utilization Rate. Estimate 79.2%
-
9:15 US Industrial Production. Estimate 0.2%
-
10:00 US NAHB Housing Market Index. Estimate 63
Wednesday (April 17)
-
4:00 Eurozone Current Account. Estimate 33.2B
-
5:00 Eurozone Final CPI. Estimate 1.4%
-
5:00 Eurozone Final Core CPI. Estimate 0.8%
-
5:00 Eurozone Trade Balance. Estimate 16.8B
-
All Day – OPEC Meetings
Open: 1.1305 High: 1.1314 Low: 1.1280 Close: 1.1297
EUR/USD Technical
EUR/USD posted small losses in the Asian session but then recovered. The pair has recorded small losses in European trade
-
1.1212 is providing support
-
1.1300 is fluid. Currently, it a weak 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 keeps the bearish vibe above 1.0870
The EUR/USD pair trades on a negative note during the early European session on Tuesday. The major pair moves in a narrow range between 1.0866 and 1.0876 as traders prefer to wait on the sidelines ahead of the Federal Reserve's interest rate decision on Wednesday.
USD/JPY recaptures 150.00 and beyond, BoJ's Ueda in focus
USD/JPY extends gains beyond 150.00, as the Japanese Yen stays vulnerable amid a classic 'sell the fact' trading on the hawkish BoJ decision. The BoJ lifted the interest rate to 0% for the first time since 2007 and abandoned the YCC framework. Ueda's presser awaited.
Gold price hangs near one-week low, looks to Fed decision on Wednesday for fresh impetus
Gold price struggles to capitalize on the previous day's bounce from the $2,145 region and oscillates in a range during the Asian session on Tuesday. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.