Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro rose further in European trading on Friday, extending Thursday’s 0.52% rally which left the bear-trap at 1.20 support and shifted near-term focus to the upside.
Upbeat German data on Friday (manufacturing orders surged 29.5% in Mar from 6.4% in Feb) added to bullish near-term stance.
Fresh gains cracked pivotal Fibo barrier at 1.2087 (61.8% of 1.2149/1.1985 pullback) and pressure trendline resistance at 1.2094, with close above these levels to signal an end of corrective phase.
Bullishly aligned daily techs also support the action, but traders await the release of key US jobs data for April, which are expected to provide strong signal.
Forecasts for further increase in US hiring and lower unemployment signal that post-pandemic economic recovery is accelerating that would increase investor risk appetite and further lift the single currency.
Bullish scenario sees acceleration towards recent peak at 1.2149 (Apr 29), with break here to open way for 1.22+ gains.
Conversely, disappointing US figures would deflate risk sentiment and weaken near-term structure for fresh attack at key supports at 1.20/1.1973 (psychological / daily cloud top).
Res: 1.2094; 1.2126; 1.2149; 1.2197
Sup: 1.2067; 1.2047; 1.2033; 1.2000
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.