Published on Apr 11, 2023

Daily Analysis For EUR/USD 11-04-2023

EUR/USD Analysis

Economic Events and Scenario for EUR/USD

Economic Events: -

GMT	Event	Impact	Currency
00:01	(United Kingdom) BRC Retail Sales Monitor YoY	High	GBP
01:30	(Australia) Westpac Consumer Confidence Index	High	AUD
01:30	(Australia) Westpac Consumer Confidence Change	High	AUD
02:30	(Australia) NAB Business Confidence	High	AUD
02:30	(China) Inflation Rate MoM	Medium	CNY
02:30	(China) Inflation Rate YoY	High	CNY
02:30	(China) PPI YoY	Medium	CNY
04:35	(Japan) 5-Year JGB Auction	Low	JPY
07:00	(China) Vehicle Sales YoY	Low	CNY
07:00	(Lithuania) CPI	Low	EUR
07:00	(Lithuania) Inflation Rate MoM	Low	EUR
07:00	(Lithuania) Inflation Rate YoY	Low	EUR
08:00	(Japan) Machine Tool Orders YoY	Low	JPY
08:00	(Slovakia) Retail Sales MoM	Low	EUR
08:00	(Slovakia) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Industrial Production YoY	Low	EUR
09:00	(China) Outstanding Loan Growth YoY	Low	CNY
09:00	(China) M2 Money Supply YoY	Low	CNY
09:00	(China) New Yuan Loans	Low	CNY
09:00	(China) Total Social Financing	Low	CNY
09:30	(Slovenia) Industrial Production YoY	Low	EUR
09:40	(Spain) 6-Month Letras Auction	Low	EUR
09:40	(Spain) 12-Month Letras Auction	Low	EUR
10:00	(Malta) Industrial Production YoY	Low	EUR
10:00	(Euro Area) Retail Sales MoM	High	EUR
10:00	(Euro Area) Retail Sales YoY	High	EUR
10:30	(Belgium) Industrial Production MoM	Low	EUR
10:30	(Belgium) Industrial Production YoY	Low	EUR
10:30	(Germany) 5-Year Bobl Auction	Low	EUR
11:00	(Latvia) Balance of Trade	Low	EUR
11:00	(United Kingdom) BBA Mortgage Rate	Low	GBP
11:00	(United States) NFIB Business Optimism Index	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
16:00	(Kosovo) Inflation Rate YoY	Low	EUR
17:00	(United States) WASDE Report	Low	USD
18:00	(United States) 3-Year Note Auction	Low	USD
21:00	(United States) Fed Harker Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Electronic Retail Card Spending MoM	Low	NZD
23:45	(New Zealand) Electronic Retail Card Spending YoY	Low	NZD

Today's Scenario: - In the Asian session, the EUR/USD pair is steadily progressing towards the significant psychological resistance level of 1.0900. This major currency pair has surged above 1.0880 as investors are processing the anticipation of an additional 25 bps rate hike from the Federal Reserve (Fed).

As the EUR/USD pair is approaching the round-level resistance of 1.0900, traders are closely monitoring the market to determine its next direction. The current bullish momentum of the pair reflects investors' optimism in the Fed's ability to manage the US economy effectively.

The extension of the rally above 1.0880 indicates that the EUR/USD pair is likely to continue its upward trend. If the pair manages to break above the resistance level of 1.0900, it could pave the way for further gains.

Buy Scenario: - To reach the First Major Resistance Level (R1) at $1.0903 and Monday's high of $1.09172, the EUR/USD must steer clear of the pivot point at $1.0867. If the pair manages to breach $1.09, it could signal a bullish session. However, this will require supportive statements from central banks to sustain the breakout.

Should the pair continue its upward momentum, the bulls may test the Second Major Resistance Level (R2) at $1.0953. The Third Major Resistance Level (R3) is at $1.1039, still we do not advise to buy EUR/USD currency pair.

Sell Scenario: - On the other hand, a drop below the pivot point would bring the First Major Support Level (S1) at $1.0817 into play. But unless the Fed sparks a massive sell-off, it is unlikely that the EUR/USD will drop below $1.0750. The Second Major Support Level (S2) is at $1.0781, and the Third Major Support Level (S3) is at $1.0695. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -