Daily Analysis For EUR/USD  24-04-2023

Daily Analysis For EUR/USD 24-04-2023

EUR/USD Analysis
Economic Events and Scenario for EUR/USD
Economic Events: -
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
09:30(Slovenia) Business ConfidenceLowEUR
13:30(Canada) New Housing Price Index MoMMediumCAD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(United States) Chicago Fed National Activity IndexMediumUSD
13:30(Canada) Wholesale Sales MoMLowCAD
14:00(Belgium) Business ConfidenceLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - During the Tokyo session, the EUR/USD pair was unable to reach the significant psychological resistance level of 1.1000. As a result, the major currency pair experienced a decline, falling below 1.0990. This decline can be attributed to the recent recovery move in the US Dollar Index (DXY), which managed to defend the crucial support level of 101.63. However, for investors to gain confidence in the recovery of the USD Index, it needs to pass several filters.
In early Asia, S&P500 futures have continued to decline, indicating a negative market sentiment. This decline comes ahead of the quarterly results from tech giants such as Amazon, Facebook, and Google, which are expected to keep investors preoccupied this week as they report their first-quarter CY2023 results.

Buy Scenario: - For the EUR/USD pair to aim for the First Major Resistance Level (R1) at $1.1009, it must steer clear of the $1.0973 pivot. A bullish session can be signaled if the pair moves past Friday's high of $1.09938. However, a pre-US session breakout will require supportive euro area economic indicators and hawkish comments from the European Central Bank (ECB).
In the event of an extended rally, the bulls will likely attempt to breach the Second Major Resistance Level (R2) at $1.1029 and the resistance at $1.1050. The Third Major Resistance Level (R3) is positioned at $1.1086, till we do not advise to buy EUR/USD currency pair.

Sell Scenario: - If the pivot level is breached, the First Major Support Level (S1) at $1.0953 will come into play. However, unless there is a sell-off driven by economic data, the EUR/USD pair is expected to remain above the sub-$1.09 level. The Second Major Support Level (S2) at $1.0917 is likely to limit the downside. The Third Major Support Level (S3) is located at $1.0861. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
S1 1.0952-R1 1.1007
S2 1.0917-R2 1.1028
S3 1.0896-R3 1.1063


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