Daily Analysis For EUR/USD  27-04-2023

Daily Analysis For EUR/USD 27-04-2023

EUR/USD Analysis
Economic Events and Scenario for EUR/USD
Economic Events: -
00:01(Ireland) Consumer ConfidenceLowEUR
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(Netherlands) King's BirthdayNoneEUR
02:00(New Zealand) ANZ Business ConfidenceMediumNZD
02:30(Australia) Export Prices QoQLowAUD
02:30(Australia) Import Prices QoQLowAUD
02:30(China) Industrial Profits (YTD) YoYLowCNY
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
06:00(Finland) Consumer ConfidenceLowEUR
06:00(Finland) Business ConfidenceLowEUR
07:00(Lithuania) Retail Sales MoMLowEUR
07:00(Lithuania) Retail Sales YoYLowEUR
08:00(Slovakia) Consumer ConfidenceLowEUR
08:00(Slovakia) Business ConfidenceLowEUR
08:00(Spain) Retail Sales YoYHighEUR
08:00(Spain) Unemployment RateHighEUR
08:00(Spain) Retail Sales MoMHighEUR
09:00(Italy) Consumer ConfidenceMediumEUR
09:00(Italy) Business ConfidenceMediumEUR
09:30(Portugal) Business ConfidenceLowEUR
09:30(Portugal) Consumer ConfidenceLowEUR
10:00(Euro Area) Consumer ConfidenceLowEUR
10:00(Euro Area) Industrial SentimentLowEUR
10:00(Euro Area) Services SentimentLowEUR
10:00(Euro Area) Economic SentimentMediumEUR
10:00(Euro Area) Consumer Inflation ExpectationsLowEUR
10:00(Euro area) Selling Price ExpectationsLowEUR
10:00(Montenegro) Balance of TradeLowEUR
10:00(Montenegro) Tourist Arrivals YoYLowEUR
10:00(Belgium) GDP Growth Rate QoQLowEUR
10:00(Belgium) GDP Growth Rate YoYLowEUR
10:10(Italy) 10-Year BTP AuctionLowEUR
10:10(Italy) 5-Year BTP AuctionLowEUR
10:30(Belgium) Inflation Rate YoYLowEUR
10:30(Belgium) Inflation Rate MoMLowEUR
10:30(Cyprus) Industrial Production YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Latvia) GDP Growth Rate QoQLowEUR
11:00(Latvia) GDP Growth Rate YoYLowEUR
12:00(Spain) Business ConfidenceMediumEUR
12:00(Canada) CFIB Business BarometerLowCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Real Consumer Spending QoQLowUSD
13:30(United States) Core PCE Prices QoQLowUSD
13:30(United States) GDP Sales QoQLowUSD
13:30(United States) PCE Prices QoQLowUSD
13:30(United States) GDP Price Index QoQMediumUSD
13:30(United States) GDP Growth Rate QoQHighUSD
13:30(Canada) Average Weekly Earnings YoYLowCAD
15:00(United States) Pending Home Sales MoMMediumUSD
15:00(United States) Pending Home Sales YoYMediumUSD
15:01(Australia) CoreLogic Dwelling Prices MoMLowAUD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:00(United States) Kansas Fed Composite IndexLowUSD
16:00(United States) Kansas Fed Manufacturing IndexLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
17:15(Euro Area) ECB Panetta SpeechLowEUR
18:00(United States) 7-Year Note AuctionLowUSD
22:00(New Zealand) ANZ Roy Morgan Consumer ConfidenceLowNZD

Today's Scenario: - In the early Asian session, the EUR/USD pair is currently consolidating within a narrow range around 1.1040. Although the major currency pair recently hit a fresh yearly high of 1.0966 during the New York session, there has been some profit-taking taking place. This cautious move by investors came after their focus shifted towards the Gross Domestic Product (GDP) data for the first quarter of the year in the United States.
Investor sentiment was initially upbeat, particularly with the remarkable earnings data from US technology giants like Microsoft and Meta Platforms. However, it took a downturn following the announcement from the First Republic Bank that the US government was hesitant to provide liquidity support after the bank's collapse. This statement diminished investors' confidence in the US administration.

Buy Scenario: - If the EUR/USD pair manages to achieve a daily closing beyond the 1.1090 resistance line, it could potentially challenge the March 2022 high of around 1.1185., till we do not advise to buy EUR/USD currency pair.

Sell Scenario: - The EUR/USD pair's recent highs, which haven't been seen since early February, are struggling to gain support from the RSI (14) line. This is because the higher high in prices is matching the lower low of the oscillator, indicating that there could be a pullback in the quote before the next leg of the uptrend.
However, there is a one-month-old ascending support line near 1.0970 that could potentially challenge the intraday sellers of the pair at present.
In addition, the convergence of the 100-day moving average and an upward-sloping trend line from September 2022, located around 1.0765-55, will be in the spotlight next. A break of this level could potentially reverse the pair's upward trajectory from late 2022. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
S1 1.0975-R1 1.1102
S2 1.0908-R2 1.1162
S3 1.0848-R3 1.1229


default man
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023:  Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...