EURUSD: 1.2239
EurUsd has chopped sideways in NY around current levels after earlier recovering from a 1.2165 low and in the absence of any major data today, it looks likely to be fairly steady again while waiting to see whether the US Government faces a shutdown, in which case the US$ would come under renewed pressure. Also in focus will be the weekend vote in Germany, where the Social Democrats (SPD) are expected to vote on coalition with Chancellor Angela Merkel’s CDU/CSU on Sunday.
1 hour/4 hour indicators: Neutral
Daily Indicators: UpWeekly
Indicators: Turning higher
Preferred Strategy: A neutral stance seems wise heading into Friday trade although the longer term charts do still point to higher levels ahead. Good offers will once again arrive in the 1.2280/1.2320 area while a break below 1.2165 would open the way towards 1.2140. German PPI, EU Current Account and the Michigan Consumer Sentiment Index will be the economic interest today.
| Resistance | Support | ||
| 1.2335 | Minor | 1.2200 | Minor |
| 1.2322 | 17 Jan high | 1.2165 | 17 Jan low |
| 1.2300 | Minor | 1.2140 | 23.6% of 1.1553/1.2219 |
| 1.2275 | H/S Neckline | 1.2120 | Minor |
| 1.2264 | Minor | 1.2100 | Minor |
Economic data highlights will include:
German PPI, EU Current Account, Michigan Consumer Sentiment Index, Baker Hughes Oil Rig Count
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.