EUR/USD appears to be like able to bounce from a short-term assist zone!
Will the vary maintain right this moment?
Earlier than transferring on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Verify them out earlier than you place your first trades right this moment!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Information:
Japan’s actual wages down 0.2% in March, declining for the primary time in three months
Bulgaria says will veto EU oil sanctions on Russia if it doesn’t get derogation
China’s PBOC to spice up credit score for transport, logistics, storage sectors
Japan to ban ‘in precept’ Russian oil imports following G7 pledge
Asian shares retreat as China’s lockdowns stir recession worries
Greenback up on rising U.S. yields, China’s lockdowns, and charge hike fears
Canada’s constructing permits at 12:30 pm GMT
U.Ok. BRC retail gross sales monitor at 11:01 pm GMT
Japan’s family spending at 11:30 pm GMT
AU NAB enterprise confidence at 1:30 am GMT (Might 10)
Use our new Currency Heat Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: EUR/USD
I’m not seeing a number of top-tier financial experiences scheduled right this moment however that doesn’t imply that we gained’t see first rate value motion!
In case you missed it, the greenback made a number of pips towards its main counterparts whereas merchants frightened about excessive rates of interest, aggressively hawkish central banks, and lockdowns in China presumably choking international progress.
Will a brand new buying and selling week enhance EUR’s prospects towards the safe-haven greenback?
EUR/USD has been buying and selling inside a 100-pip vary since late April and it appears to be like prefer it’s about to retest the consolidation’s assist at 1.0500.
A risk-friendly buying and selling setting might result in a bounce from the vary assist. The 1.0550 mid-range degree close to the SMAs is an effective preliminary goal however you can even intention for the 1.0600 range resistance for those who see sufficient momentum.
Don’t low cost additional USD shopping for although!
If the EU goes forward with its Russian oil ban or if this week’s lower-tier experiences result in extra greenback demand, then EUR/USD might break beneath its 1.0500 assist and head for areas of curiosity nearer to 1.0350.