Published on Apr 10, 2023

Daily Analysis For EUR/USD 10-04-2023

EUR/USD Analysis

Economic Events and Scenario for EUR/USD

Economic Events: -

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Greece) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - During the Asian session, the EUR/USD pair has relinquished its round-level support at 1.0900, as the impending release of United States Inflation data has made investors anxious, resulting in a substantial influx of offers for the major currency pair.

The weakening of the EUR/USD pair could be attributed to the heightened uncertainty surrounding the market, as investors are closely monitoring the inflation data that could significantly impact the US economy. The US Federal Reserve's recent remarks about a potential interest rate hike have also added to the investors' concerns.

Buy Scenario: - The EUR/USD pair managed to break above the resistance level at 1.0950, but it failed to test the next resistance level at 1.1000. It reached a high of 1.0973 before initiating a downward correction. The pair dipped below the 1.0950 and 1.0920 levels, still we do not advise to buy EUR/USD currency pair.

Sell Scenario: - The immediate support for the pair lies at the 1.0880 level, followed by a significant support level at 1.0860. On the chart, a bullish trend line is forming, which indicates that the support level at 1.0860 is critical. If the pair breaks below this support level, it may test the 1.0820 zone.

In summary, the EUR/USD pair faced resistance at 1.1000, and a correction occurred after reaching a high of 1.0973. The support levels at 1.0880 and 1.0860 are essential, and a breach of the latter may result in a test of the 1.0820 zone. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -