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LATEST NEWS:- EURUSD FOREX NEWS AND TECHNICAL ANALYSIS – 06 APRIL 2023

LATEST NEWS:- EURUSD FOREX NEWS AND TECHNICAL ANALYSIS – 06 APRIL 2023

06 Apr 2023

Amidst a US Dollar recovery, the EUR/USD exchange rate struggles at 1.09 00

FUNDAMENTAL OVERVIEW

Early on Thursday, the EUR/USD is consolidating a brief run of daily bullish ends and trading close to 1.0900. Despite a string of disappointing US statistics, risk aversion is supporting the dollar’s recovery. Positive German Industrial Output figures fall short of expectations.

After ending a two-day winning run on Tuesday, the EUR/USD appears to have stabilized at around 1.0900. The technical prognosis for the pair indicates that buyers have grown wary. In the American session, investors will closely monitor US statistics and risk perception.

The US Dollar (USD) has remained resilient against its rivals despite data from the US showing that private-sector employment increased in March at a much slower rate than anticipated and that the service sector lost its development momentum. As worries about the US economy entering a recession grew, the risk mood began to shift negatively, which hurt US stocks and increased demand for the dollar as a secure haven.

However, despite investors’ continued pricing in a greater than 50% chance that the US Federal Reserve will maintain its policy rate at the forthcoming meeting, the yield on US Treasury bonds continues to decline. Therefore, unless hawkish Fed bets come back, it might be challenging for the USD to continue its recovery.

The US economic docket will include the monthly Initial Jobless Claims and Challenger Job Cuts for March data from the US Department of Labor in the second half of the day. Investors are likely to stay silent about Thursday’s announcements after this week’s employment-related data releases.

It’s also important to keep in mind that markets could become tepid due to US bond markets closing early in advance of the Easter vacation.

EUR/USD TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

EUR/USD is currently trading in up channel.

EUR/USD is currently trading above 20&50 SMA.

RSI is in buying zone which suggests bullishness and Stochastic is suggesting no trend.

EUR/USD resistance is at 1.09131 & its immediate support level is 1.08796

HOW TO TRADE EUR/USD

The EUR/USD exchange rate is moving upward. Currently, it is trading in a resistance area; however, if it breaks through that area and maintains its position above it, there could be an upside movement.

TRADE SUGGESTION- BUY AT 1.09100 TAKE PROFIT AT 1.09194, SL AT 1.09032