© O Financista. EUR/USD marks new lows
The downward pressure is still palpable on the EUR/USD pair on Thursday, with a new low on 1.1234 in the beginning of the european session, the Euro is testing again the support area of 1.1240-50 which had prevented a too sharp decline yesterday.
Today, the inflation figures, German for the month of march which will be the most important event of the day for the Euro, at 14h. However, the index of regional inflation in the region of Saxony is a leading indicator as to incite distrust.
The IPC core of the Saxony has dropped to 1.1% for the month of march, compared with 1.4% in February, which does not bode well for the data of the whole country expected this afternoon.
The blur surrounding the Brexit remains a factor that weighs on the EUR/USD pair, at least via its correlation with the pair GBP/USD.
US side, several statistics will be likely to have an influence on the Dollar this afternoon, with the final estimate of GDP in the US and in the inscriptions weekly jobless claims at 13: 30, and then with the promises of housing sales to 15h.
It should also be noted that the trade war China-USA will once again be under the spotlight from today, the Trade representative US Lightizer and the secretary of the Treasury Mnuchin travelling to Beijing for discussions with chinese Vice premier Liu He.
From a technical point of view, the new lows this morning confirms the downward trend, while the pair barely to confirm the break below 1.1240-50 for the moment. If the decline continues, the next potential objective will be located at 1.1220, 1.1200 and 1.1175 in a first time.
Has the upside, we can identify a line of downward trend that stretches from the top post-Fed last Wednesday, and which currently stands at 1.1260-65. Above, the summit at 1.1285 will be the next resistance to take into account, prior to 1.13, a threshold above which the bearish view would begin to be questioned. Above, the other resistors and objectives upside potential then to 1.1325, 1.1360, 1.14 and 1.1450.
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