EUR/USD back above 1.13, focus on Eurozone inflation and trade numbers

  • EUR/USD jumped to 1.13 in Asia on the back of strong China data, erasing yesterday's drop to 1.1278. 
  • The bid tone may strengthen further if both the Eurozone trade surplus and the inflation figure print above estimates.

EUR/USD jumped to 1.13, possibly on the back of upbeat China macro data and could rise further toward the 100-day moving average (MA) resistance at 1.1342 if the Eurozone inflation and trade numbers, due later today, beat estimates.

The common picked up a bid at lows below 1.1280 after China data showed the annualized growth rate steadied at 6.4 percent in the third quarter, as opposed to the consensus estimate of a drop to 6.3 percent. Further, March industrial production growth bettered estimates by a big margin with an 8.5 percent print and retail sales, a barometer of domestic demand, rose 8.7 percent versus an expected print of 8.4 percent.

The upbeat China data could strengthen the narrative that the world's second-largest economy has bottomed out and the global industrial cycle is on the verge of recovery.

As a result, riskier assets could remain better bid in Europe, lending a helping hand to the shared currency. As of writing, however, the major European equity index futures are pointing to mixed trading and EUR/USD is trading at 1.1303.

Focus on Eurozone data

Eurozone's seasonally adjusted trade surplus is seen narrowing to €14.7 billion in March from the previous month's print of €17 billion. Meanwhile, the cost of living, as represented by the consumer price index, is expected to have increased 1 percent month-on-month in March. Both numbers are due for release at 09:00 GMT.

The 17-nation currency could rise to the 100-day MA, currently at 1.1342, if the Eurozone data beats expectations and riskier assets cheer China data.

Technical Levels

EUR/USD

Overview
Today last price 1.1304
Today Daily Change 0.0023
Today Daily Change % 0.20
Today daily open 1.1281
 
Trends
Daily SMA20 1.1269
Daily SMA50 1.13
Daily SMA100 1.135
Daily SMA200 1.1445
Levels
Previous Daily High 1.1316
Previous Daily Low 1.128
Previous Weekly High 1.1326
Previous Weekly Low 1.1213
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1293
Daily Fibonacci 61.8% 1.1302
Daily Pivot Point S1 1.1268
Daily Pivot Point S2 1.1256
Daily Pivot Point S3 1.1233
Daily Pivot Point R1 1.1304
Daily Pivot Point R2 1.1328
Daily Pivot Point R3 1.134

 

 

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