Published on Mar 28, 2023

Daily Analysis For EUR/USD 28-03-2023

EUR/USD Analysis

Economic Events and Scenario for EUR/USD

Economic Events: -

GMT	Event	Impact	Currency
1:30	(Australia) Retail Sales MoM	High	AUD
4:35	(Japan) 40-Year JGB Auction	Low	JPY
5:15	(Australia) RBA Connolly Speech	Medium	AUD
7:00	(Lithuania) Retail Sales MoM	Low	EUR
7:00	(Lithuania) Retail Sales YoY	Low	EUR
7:45	(France) Business Climate Indicator	Low	EUR
7:45	(France) Business Confidence	Medium	EUR
9:00	(Italy) Consumer Confidence	Medium	EUR
9:00	(Italy) Business Confidence	Medium	EUR
9:35	(Euro Area) ECB Enria Speech	Medium	EUR
9:45	(United Kingdom) BoE Gov Bailey Speech	Medium	GBP
10:10	(Italy) Index-Linked BTP Auction	Low	EUR
10:10	(Italy) BTP Short Term	Low	EUR
10:10	(Italy) 10-Year BTP Short Term Auction	Low	EUR
10:30	(Germany) 2-Year Schatz Auction	Low	EUR
11:00	(Ireland) Retail Sales YoY	Low	EUR
11:00	(Ireland) Retail Sales MoM	Low	EUR
11:00	(Luxembourg) Balance of Trade	Low	EUR
13:30	(United States) Retail Inventories Ex Autos MoM	Medium	USD
13:30	(United States) Goods Trade Balance	High	USD
13:30	(United States) Wholesale Inventories MoM	Medium	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(United States) House Price Index YoY	Low	USD
14:00	(United States) House Price Index	Low	USD
14:00	(United States) S&P/Case-Shiller Home Price YoY	Medium	USD
14:00	(United States) S&P/Case-Shiller Home Price MoM	Medium	USD
14:00	(United States) House Price Index MoM	Low	USD
15:00	(United States) CB Consumer Confidence	Medium	USD
15:00	(United States) Richmond Fed Manufacturing Shipments Index	Low	USD
15:00	(United States) Richmond Fed Manufacturing Index	Low	USD
15:00	(United States) Richmond Fed Services Index	Low	USD
15:00	(United States) Fed Barr Testimony	Medium	USD

Today's Scenario: - Following a robust rally towards 1.0820 in the Asian trading session, the EUR/USD pair has now moved into a horizontal pattern, with limited upward momentum. Despite the current struggle, the major currency pair is poised for potential gains due to the prevailing positive market sentiment.

In recent trading sessions, the EUR/USD pair has shown a firm upward movement, which has now come to a halt. Despite the temporary pause, there is still room for the pair to move higher, considering the prevailing market conditions.

As such, investors are keeping a close eye on the pair's performance and eagerly anticipating a potential upswing. Market sentiment is currently positive, and this is expected to continue, supporting the pair's upward momentum.

Buy Scenario: - If the EUR/USD pair manages to maintain a consistent movement above 1.0775, it will signal the presence of buyers in the market. In such a scenario, the first objective for the buyers will be to reach the minor pivot level at 1.0822.

If the buyers succeed in surpassing this level, it would suggest that their strength is increasing. This development could potentially create an upward momentum, which may allow the pair to challenge the minor top at 1.0930 and the long-term 50% level at 1.0943., still we do not advise to buy EUR/USD currency pair.

Sell Scenario: - If the EUR/USD pair fails to maintain a consistent movement above 1.0775, it will signal the presence of sellers in the market. This development could potentially trigger a quick break towards the minor pivot level at 1.0723.

Should the pair breach this level, it could pave the way for further selling pressure towards another long-term 50% level at 1.0661.

In summary, a sustained movement below 1.0775 would suggest the presence of sellers in the market, and a break below the minor pivot level at 1.0723 could trigger further downward pressure towards the long-term 50% level at 1.0661.Till then we do not advise selling EUR/USD.

Support and Resistance Level: -