- EUR/USD is facing barricades around 1.0440 as investors need a fresh trigger for a decisive move.
- Eurozone GDP numbers are seen stabled while the US Retail Sales could outperform.
- Investors should brace for two more 50 bps rate hikes by the Fed this year.
The EUR/USD pair is displaying back and forth moves in a tight range of 1.0428-1.0443 after a modest upside move from a low of 1.0354 last week. A minor improvement in the risk appetite of the market participants has supported the shared currency bulls. The risk-sensitive assets have rebounded gradually amid the value buying structure in the FX domain. Risky assets were beaten hard by investors on souring market mood for a tad higher time period.
Some signs of profit-booking in the US dollar index (DXY) amid fewer economic events this week have pushed the DXY to near 104.00. The DXY printed a fresh 19-year high of 105.00 last week o rising expectations of more than two jumbo rate hikes by the Federal Reserve (Fed) this year. Fed chair Jerome Powell in his interview with the Marketplace national radio program on Friday investors should brace for two more jumbo rate hikes consecutively in the next two policy meetings. Also, he emphasized bringing price stability as it is hurting the paychecks of the households.
In today’s session, investors will focus on the release of the US Retail Sales. The economic data is seen at 0.7% against the prior print of 0.5% on monthly basis. While the euro docket will report the Gross Domestic Product (GDP) numbers. The yearly and quarterly figures are expected to remain unchanged at 5% and 0.2% respectively.
|Today last price||1.0433|
|Today Daily Change||0.0020|
|Today Daily Change %||0.19|
|Today daily open||1.0413|
|Previous Daily High||1.042|
|Previous Daily Low||1.035|
|Previous Weekly High||1.0592|
|Previous Weekly Low||1.035|
|Previous Monthly High||1.1076|
|Previous Monthly Low||1.0471|
|Daily Fibonacci 38.2%||1.0393|
|Daily Fibonacci 61.8%||1.0376|
|Daily Pivot Point S1||1.0368|
|Daily Pivot Point S2||1.0324|
|Daily Pivot Point S3||1.0298|
|Daily Pivot Point R1||1.0438|
|Daily Pivot Point R2||1.0464|
|Daily Pivot Point R3||1.0508|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.