Daily Analysis For EUR/USD  09-05-2023

Daily Analysis For EUR/USD 09-05-2023

EUR/USD Analysis
Economic Events and Scenario for EUR/USD
Economic Events: -
00:01(United Kingdom) BRC Retail Sales Monitor YoYHighGBP
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Household Spending YoYLowJPY
01:00(Euro Area) Anniversary of Robert Schumans DeclarationNoneEUR
01:00(Luxembourg) Europe DayNoneEUR
02:30(Australia) Retail Sales MoMHighAUD
04:00(China) Exports YoYMediumCNY
04:00(China) Imports YoYMediumCNY
04:00(China) Balance of TradeHighCNY
04:35(Japan) 10-Year JGB AuctionLowJPY
04:35(Japan) 6-Month Bill AuctionLowJPY
07:00(Lithuania) CPILowEUR
07:00(Lithuania) Inflation Rate MoMLowEUR
07:00(Lithuania) Inflation Rate YoYLowEUR
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
07:45(France) ExportsLowEUR
07:45(France) ImportsLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(Euro Area) ECB Lane SpeechLowEUR
09:40(Spain) 6-Month Letras AuctionLowEUR
09:40(Spain) 12-Month Letras AuctionLowEUR
10:30(Germany) 5-Year Bobl AuctionLowEUR
10:30(Australia) 2023-24 Federal BudgetMediumAUD
11:00(United Kingdom) BBA Mortgage RateLowGBP
11:00(Ireland) Industrial Production YoYLowEUR
11:00(United States) NFIB Business Optimism IndexLowUSD
13:30(United States) Fed Jefferson SpeechMediumUSD
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(United States) IBD/TIPP Economic OptimismMediumUSD
15:30(United States) NY Fed Treasury Purchases 0 to 1 yrsLowUSD
17:05(United States) Fed Williams SpeechMediumUSD
18:00(United States) 3-Year Note AuctionLowUSD
18:00(Euro Area) ECB Schnabel SpeechLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD

Today's Scenario: - During early Tuesday, the EUR/USD pair experienced a decline of 0.17%, nearing 1.0990, as the Euro bears prodded a 1.1000 round figure, causing the pair to hold onto the week-start losses. The market's mixed sentiment and the US Dollar's rebound, along with recent weaker Eurozone data, influenced the major currency pair's movement.
The US Dollar Index (DXY) continued its rebound from the previous day due to firmer yields and mixed signals concerning inflation and banking conditions. In the last three days, the benchmark US 10-year Treasury bond yields rose to 3.51%, while the US inflation expectations based on the 10-year and 5-year breakeven inflation rates from the St. Louis Federal Reserve (FRED) data surged to a one-week high on the previous day.

Buy Scenario: - On the buying side of EUR/USD pair, if the asset recovers and rises above the April 26 high at 1.1095, it will move towards a fresh 13-month high at 1.1185, followed by the round-level resistance at 1.1200, till we do not advise to buy EUR/USD currency pair.

Sell Scenario: - EUR/USD has exhibited a significant loss in its upside momentum, following the attainment of its annual high at 1.1096. The shared currency pair is encountering difficulty in maintaining its position above the horizontal resistance marked from the February 02 high at 1.1033. The Euro is currently being supported by the 20-period Exponential Moving Average (EMA) at 1.0983.
The Relative Strength Index (RSI) (14) is oscillating within the 40.00-60.00 range, indicating a lackluster performance ahead.
If the asset breaches the May 02 low at 1.0942, the US Dollar bulls will initiate a downside move that will cause the asset to slide towards the April 12 low at 1.0915 and the April 10 low at 1.0837. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
S1 1.0987-R1 1.1040
S2 1.0967-R2 1.1074
S3 1.0933-R3 1.1094


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