EURUSD FOREX NEWS AND PRICE TECHNICAL ANALYSIS – 24 APRIL 2023
24 Apr 2023
The EUR/USD remains stable at about 1.1000.
Following the recovery seen in the European session, EUR/USD is holding onto moderate daily gains at about 1.1000. The pair maintains its equilibrium despite the mixed German IFO data as the US Dollar struggles to gain momentum before this week’s important data releases.
On Monday, the EUR/USD pair trades near 1.1000, maintaining its recent trend. Prior to the opening of Wall Street, the US Dollar found some demand during the first half of the day and began to soften. Despite this, key pairs are still trading inside well-known ranges ahead of this week’s numerous top-tier competitions. The preliminary estimate of the Q1 Gross Domestic Product (GDP), which is likely to show an annualised pace of growth of 2%, will be released by the US. In addition, the nation will release the March index and the Personal Consumption Expenditures Price Index for the first quarter.
One of the key causes of the present US Dollar’s widespread weakening is that growth and inflation are occurring right in the centre of the storm. Economic progress has been hampered by Fed actions to rein in surging inflation, and fears of a potential recession have put pressure on the value of the dollar. The US Dollar may buck the trend if growth exceeds expectations and inflationary pressures continue to subside.
The German IFO poll on business climate was included in the macroeconomic calendar for today, and its April result of 93.6 missed market expectations. While expectations improved more than predicted, the assessment of the existing situation was nevertheless worse than expected. In the US, the March Chicago Fed National Activity Index was published. It decreased to -0.19 from the projected -0.02 level. Later, the nation will release the April Dallas Fed Manufacturing Business Index.
EUR/USD TECHNICAL ANALYSIS DAILY CHART:
EUR/USD is currently trading in up channel.
EUR/USD is currently trading above all SMA.
RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
EUR/USD resistance is at 1.09986 & its immediate support level is 1.09625
HOW TO TRADE EUR/USD
EUR/USD was trading higher until it faced resistance, at that point a bearish engulfing was formed. The price then started moving lower and is currently trading at a resistance zone; if this zone is broken, further upside may be expected.