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EUR/USD: No reaction to US data, looks to warp up week around mid-1.12s

  • Housing starts in the U.S. declined by 0.3% in March. 
  • US Dollar Index preserves Thursday's gains.
  • Eurozone consumer sentiment data next week will be the next catalyst.

The EUR/USD pair paid no mind to the housing market data from the United States at the start of the NA session. With the trading volume staying thin amid the Easter holiday, the pair continues to move sideways near mid-1.12s and looks to close the day with small gains. On a weekly basis, the pair is losing around 50 pips, reflecting the negative impact of the disappointing Manufacturing PMI data from Germany and the eurozone on the shared currency.

Commenting on the eurozone April PMI reports, "The persistence of the business survey weakness raises questions over the economy’s ability to grow by more than 1% in 2019,” Chris Williamson, Chief Business Economist at the IHS Markit, said.

Today's only data from the U.S. revealed that housing starts and building permits in March declined by 0.3% and 1.7%, respectively, and both readings came in worse than analysts' estimates. Nevertheless, the US Dollar Index, which gained traction in the second half of the week with the risk-off atmosphere ramping up the demand for the greenback, continues to float above the 97.30 mark, not allowing the pair to stage a recovery.

On Monday, the FX market activity is expected to stay subdued with the majority of Europe observing Easter Monday. The next catalyst for the shared currency could be the eurozone Consumer Confidence report published by the European Commission on Tuesday. 

Technical levels to consider

EUR/USD

Overview
Today last price1.1245
Today Daily Change0.0014
Today Daily Change %0.12
Today daily open1.1231
 
Trends
Daily SMA201.1256
Daily SMA501.1296
Daily SMA1001.1348
Daily SMA2001.1441
Levels
Previous Daily High1.1306
Previous Daily Low1.1226
Previous Weekly High1.1326
Previous Weekly Low1.1213
Previous Monthly High1.1448
Previous Monthly Low1.1176
Daily Fibonacci 38.2%1.1257
Daily Fibonacci 61.8%1.1275
Daily Pivot Point S11.1203
Daily Pivot Point S21.1175
Daily Pivot Point S31.1124
Daily Pivot Point R11.1282
Daily Pivot Point R21.1333
Daily Pivot Point R31.1361

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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