Daily Analysis For EUR/USD  06-04-2023

Daily Analysis For EUR/USD 06-04-2023

EUR/USD Analysis
EUR/USD
Economic Events and Scenario for EUR/USD
Economic Events: -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(El Salvador) Maundy ThursdayNoneUSD
01:00(Portugal) Maundy ThursdayNoneEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:30(Australia) RBA Financial Stability ReviewMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
04:35(Japan) 6-Month Bill AuctionLowJPY
04:35(Japan) 30-Year JGB AuctionLowJPY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:45(Switzerland) Unemployment RateHighCHF
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
08:00(Austria) Balance of TradeLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Industrial Production YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
15:00(Canada) Ivey PMI s.aHighCAD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:00(United States) Fed Bullard SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - Early on Thursday, the EUR/USD currency pair is experiencing a decline, trading below the 1.0900 level. This drop follows a brief series of bullish closes in the past few days, indicating a shift in market sentiment. The US Dollar is benefiting from risk-aversion among investors, despite the release of weak US economic data. All eyes are now on the upcoming nonfarm payroll report, scheduled to be released on Friday, which could potentially impact the currency pair's performance.

Buy Scenario: - It is possible that the upward trend will persist as long as the market remains above the support level of 1.0929. In that case, the next target will be to reach the resistance level of 1.1032, still we do not advise to buy EUR/USD currency pair.

Sell Scenario: - If the market falls below the support level of 1.0929, a downtrend could begin, with the next target being the support level of 1.0788. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
SupportResistance
S1 1.0874-R1 1.0952
S2 1.0843-R2 1.1000
S3 1.0795-R3 1.1031

Discussion

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