EUR/USD back above 1.13, appetite for risk
Investing.com – After weakening yesterday, and marked a low of 1.1278 during the night, the pair EUR/USD has posted a strong rebound, with a recent summit on 1.1313.
The dominant theme seems to be risk appetite this morning, after economic data out of china better than expected.
It will be recalled that the GDP in the Q1 2019 has posted a growth of 6.4% in annual data, compared with 6.3% in advance.
The industrial production for march is out in increase of +8.5% versus +5.6% expected, while retail sales posted an increase of 8.7%, against 8.4% advance for the same month.
For the rest of the day, these are essentially two statistics that the forex traders will monitor, with the CPI of the Euro Area at 11 a.m. and the trade balance US 14: 30. Later this evening, the Beige Book, the Fed will also be likely to have an influence on the trade.
Technical update EUR/USD
In regards to technical analysis, the upward trend line visible since April 2, to confirm the positive bias, this line stopped the fall of the last night.
The back above 1.13, this morning is another signal encouraging, but new highs above the resistance of 1.1325-30 will be quickly necessary to maintain the positive momentum.
A break below the upward trend line currently located at 1.1280, and, a fortiori, under the moving average 200 hours to 1.1270 would begin to question the upward bias, and to attract the market’s attention on the next support at 1.1250, 1.12 and 1.1175, the lowest annual 2019.
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