Daily Analysis For EUR/USD 25-04-2023

Daily Analysis For EUR/USD 25-04-2023

EUR/USD Analysis
EUR/USD
Economic Events and Scenario for EUR/USD
Economic Events: -
GMTEventImpactCurrency
01:00(Australia) ANZAC DayNoneAUD
01:00(Italy) Liberation DayNoneEUR
01:00(New Zealand) ANZAC DayNoneNZD
01:00(Portugal) Liberty DayNoneEUR
03:45(East Timor) Inflation Rate MoMLowUSD
03:45(East Timor) Inflation Rate YoYLowUSD
07:00(Switzerland) Balance of TradeMediumCHF
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
08:00(Spain) PPI YoYLowEUR
09:00(Euro Area) ECB Enria SpeechLowEUR
09:30(Slovenia) Tourist Arrivals YoYLowEUR
10:00(United Kingdom) BoE Member BroadbentLowGBP
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Latvia) PPI MoMLowEUR
11:00(Latvia) PPI YoYLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United Kingdom) CBI Business Optimism IndexMediumGBP
13:00(United States) Building PermitsMediumUSD
13:00(United States) Building Permits MoMLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(United States) House Price IndexLowUSD
14:00(United States) House Price Index YoYLowUSD
14:00(United States) House Price Index MoMLowUSD
14:00(United States) S&P/Case-Shiller Home Price MoMMediumUSD
14:00(United States) S&P/Case-Shiller Home Price YoYMediumUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) CB Consumer ConfidenceMediumUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:00(United States) New Home SalesHighUSD
15:00(United States) New Home Sales MoMHighUSD
15:30(United States) Dallas Fed Services Revenues IndexLowUSD
15:30(United States) Dallas Fed Services IndexLowUSD
15:30(United States) NY Fed Treasury Purchases 4.5 to 7 yrsLowUSD
18:00(United States) 2-Year Note AuctionLowUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) ImportsLowNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) Balance of TradeMediumNZD
Today's Scenario: - During the early hours of Tuesday, the EUR/USD currency pair experienced an increase in demand, resulting in a refreshed one-week high of 1.1066. Bulls have remained in control recently, indicating a four-day upward trend.
This latest rebound in the Euro pair may be attributed to its successful recovery from the ascending support line that has been in place for one month, as well as an upward-sloping trend line that has been present since mid-March. These support lines are situated near 1.0985 and 1.0955, respectively.
To summarize, the EUR/USD currency pair has been performing well lately, with the bulls maintaining control and leading the pair to a one-week high. This trend may be attributed to the pair's successful recovery from support lines that have been in place for some time.
Buy Scenario: - the EUR/USD bulls may face a challenge in the form of a downward-sloping resistance line from early February 2023, which is currently close to 1.1085. Additionally, the Relative Strength Index (RSI) line is almost overbought, adding to the potential resistance.
If the pair manages to break through 1.1085, the next psychological level of 1.1100 may prove to be a challenge before reaching the March 2022 peak of around 1.1185, till we do not advise to buy EUR/USD currency pair.
Sell Scenario: - If the bears take control, their initial target could be the 1.1000 round figure before testing the support lines at 1.0985 and 1.0955, respectively.
It is worth noting that the March high of approximately 1.0930 could act as an additional barrier to the south if the Euro pair drops below the 1.0955 support level.
If this support level fails to hold, the monthly low of nearly 1.0788 may come into play and give control to the EUR/USD bears.
Overall, the EUR/USD pair is expected to remain firm, despite limited upside potential. Till then we do not advise selling EUR/USD.
Support and Resistance Level: -
SupportResistance
S1 1.0991-R1 1.1076
S2 1.0937-R2 1.1105
S3 1.0907-R3 1.1160

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