Daily Analysis For EURUSD  28-04-2023

Daily Analysis For EURUSD 28-04-2023

EUR/USD Analysis
Economic Events and Scenario for EUR/USD
Economic Events: -
00:01(United Kingdom) Car Production YoYLowGBP
00:30(Japan) Unemployment RateMediumJPY
00:30(Japan) Jobs/applications ratioLowJPY
00:30(Japan) Tokyo CPI Ex Food and Energy YoYLowJPY
00:30(Japan) Tokyo Core CPI YoYLowJPY
00:30(Japan) Tokyo CPI YoYLowJPY
00:50(Japan) Industrial Production MoMMediumJPY
00:50(Japan) Industrial Production YoYLowJPY
00:50(Japan) Retail Sales YoYMediumJPY
00:50(Japan) Retail Sales MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
02:30(Australia) Private Sector Credit YoYLowAUD
02:30(Australia) Private Sector Credit MoMLowAUD
02:30(Australia) PPI YoYLowAUD
02:30(Australia) PPI QoQMediumAUD
02:30(Australia) Housing Credit MoMMediumAUD
04:00(Japan) BoJ Interest Rate DecisionHighJPY
04:00(Japan) BoJ Quarterly Outlook ReportMediumJPY
06:00(Estonia) Retail Sales YoYLowEUR
06:00(Estonia) Retail Sales MoMLowEUR
06:00(Japan) Housing Starts YoYMediumJPY
06:00(Japan) Construction Orders YoYLowJPY
06:30(France) GDP Growth Rate YoYHighEUR
06:30(France) GDP Growth Rate QoQHighEUR
06:30(France) Household Consumption MoMLowEUR
06:30(Germany) North Rhine Westphalia CPI YoYHighEUR
06:30(Germany) North Rhine Westphalia CPI MoMHighEUR
07:00(Germany) Import Prices MoMLowEUR
07:00(Germany) Import Prices YoYLowEUR
07:30(Switzerland) Retail Sales MoMHighCHF
07:30(Switzerland) Retail Sales YoYHighCHF
07:45(France) PPI YoYLowEUR
07:45(France) PPI MoMLowEUR
07:45(France) Inflation Rate YoYHighEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
07:45(France) Inflation Rate MoMMediumEUR
08:00(Austria) PPI YoYLowEUR
08:00(Austria) GDP Growth Rate QoQLowEUR
08:00(Austria) PPI MoMLowEUR
08:00(Austria) GDP Growth Rate YoYLowEUR
08:00(Spain) GDP Growth Rate YoYMediumEUR
08:00(Spain) GDP Growth Rate QoQMediumEUR
08:00(Spain) Inflation Rate YoYMediumEUR
08:00(Spain) Inflation Rate MoMMediumEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Switzerland) KOF Leading IndicatorsMediumCHF
08:55(Germany) Unemployment RateHighEUR
08:55(Germany) Unemployment ChangeHighEUR
08:55(Germany) Unemployed PersonsMediumEUR
09:00(European Union) Informal ECOFIN MeetingLowEUR
09:00(Germany) Baden Wuerttemberg CPI YoYHighEUR
09:00(Germany) Baden Wuerttemberg CPI MoMHighEUR
09:00(Germany) Bavaria CPI MoMHighEUR
09:00(Germany) Bavaria CPI YoYHighEUR
09:00(Germany) Brandenburg CPI MoMHighEUR
09:00(Germany) Brandenburg CPI YoYHighEUR
09:00(Germany) Hesse CPI MoMHighEUR
09:00(Germany) Hesse CPI YoYHighEUR
09:00(Germany) GDP Growth Rate QoQHighEUR
09:00(Germany) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate QoQHighEUR
09:00(Spain) Current AccountLowEUR
09:00(Switzerland) SNB Jordan SpeechLowCHF
09:30(Portugal) GDP Growth Rate YoYLowEUR
09:30(Portugal) GDP Growth Rate QoQLowEUR
09:30(Slovenia) Inflation Rate MoMLowEUR
09:30(Slovenia) CPILowEUR
09:30(Slovenia) Harmonised Inflation Rate YoYLowEUR
09:30(Slovenia) Inflation Rate YoYLowEUR
10:00(Euro Area) GDP Growth Rate YoYHighEUR
10:00(Euro Area) GDP Growth Rate QoQHighEUR
10:00(Germany) Saxony CPI MoMHighEUR
10:00(Germany) Saxony CPI YoYHighEUR
10:00(Greece) Retail Sales YoYHighEUR
10:00(Greece) PPI YoYLowEUR
10:00(Malta) PPI YoYLowEUR
10:30(Belgium) PPI YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Italy) Industrial Sales YoYLowEUR
11:00(Italy) Industrial Sales MoMLowEUR
11:00(Ireland) Retail Sales YoYLowEUR
11:00(Ireland) Retail Sales MoMLowEUR
11:00(Luxembourg) PPI YoYLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
13:00(Germany) Harmonised Inflation Rate MoMLowEUR
13:00(Germany) Inflation Rate MoMMediumEUR
13:00(Germany) Inflation Rate YoYHighEUR
13:00(Germany) Harmonised Inflation Rate YoYLowEUR
13:30(Canada) GDP MoMMediumCAD
13:30(Canada) GDP MoMMediumCAD
13:30(United States) Employment Cost - Benefits QoQMediumUSD
13:30(United States) Employment Cost - Wages QoQMediumUSD
13:30(United States) Core PCE Price Index YoYLowUSD
13:30(United States) Core PCE Price Index MoMHighUSD
13:30(United States) PCE Price Index YoYMediumUSD
13:30(United States) PCE Price Index MoMMediumUSD
13:30(United States) Personal Income MoMHighUSD
13:30(United States) Personal Spending MoMHighUSD
13:30(United States) Employment Cost Index QoQMediumUSD
13:30(Germany) Bundesbank Wuermeling SpeechLowEUR
14:45(United States) Chicago PMIMediumUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:00(Canada) Budget BalanceLowCAD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - During the early hours of Friday in Europe, the EUR/USD pair is seen holding onto slight losses near 1.1020, attempting to maintain bearish momentum that was witnessed the previous day. This current behavior of the pair is an accurate representation of the market's uneasiness in anticipation of the significant growth numbers from the European bloc, as well as the Federal Reserve's preferred inflation gauge.
Despite the soft US Gross Domestic Product (GDP) for the first quarter (Q1) and mixed Eurozone sentiment numbers, EUR/USD retreated from a 13-month high on Thursday. The cause of this pullback could be attributed to the lack of comments from both the European Central Bank (ECB) and the Federal Reserve officials, who are expected to hold their respective monetary policy meetings next week. The upbeat inflation signals from the GDP and the Personal Consumption Expenditure (PCE) Prices for Q1 could also have contributed to the Euro sellers' actions.

Buy Scenario: - The EUR/USD pair is currently exhibiting an Ascending Triangle chart pattern on an hourly scale, which indicates a contraction in volatility. The upward-sloping trendline of this chart pattern is plotted from the low on April 10th at 1.0837, while the horizontal resistance is placed from the high on April 14th at 1.0760.
As of now, the asset is overlapping with the 20-period Exponential Moving Average (EMA) at 1.1030, indicating a sideways trend. The Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range.
The EUR/USD pair is expected to show a significant movement after the release of Eurozone economic data. To capture more gains, the major currency pair will need to decisively surpass the round-level resistance of 1.1100. If this happens, the asset could reach a fresh 13-month high at 1.1185, which was last seen on March 31st, 2022, followed by the high on February 28th, 2022, at 1.1246, till we do not advise to buy EUR/USD currency pair.

Sell Scenario: - On the flip side, if the asset moves downwards below the low on April 12th at 1.0915, it could fall towards the low on April 10th at 1.0837 and the low on April 03rd at 1.0788. Till then we do not advise selling EUR/USD.

Support and Resistance Level: -
S1 1.0992-R1 1.1064
S2 1.0957-R2 1.1099
S3 1.0921-R3 1.1135


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