The current consolidation chapter might be closed in the forthcoming
days. EUR/USD is welded in a narrow rage and the technical outlook is neutral. Usually
breakouts from these ranges are steep and volatile.
From
the macroeconomic viewpoint, the market participant will pay more attention to US
data, as the week ahead is full of macro news. We are going to witness several
Fed speeches, jobless claim report, along with CPI numbers.
EU macro data will not offer much. On Tuesday will be released the German inflation
figures for March (CPI and HICP indices), which will most likely confirm the
expectations for increase in inflation. Wednesday will bring the French CPIs
for March, followed by euro zone industrial production data for February. The
euro zone's CPI for March are due on Thursday.
The
main support for the current bullish momentum is located around $1.1330, where pinned
previous peaks. While staying above, the outlook remains bullish with marking
next target at $1.1450, despite the consolidation from the few past days.If
the support slumps, the euro eventually will plunge to $1.13 or lower, with
another major bullish support at $1.12.
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