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Hello, dear colleagues!
Let's begin with yesterday's macroeconomic statistics and reports set to come out today. So, GDP in the eurozone rose by 5.1% y/y and 0.3% q/q, beating market expectations. Meanwhile, employment change in the region showed a 0.5% increase q/q. In light of yesterday's result, the ECB might consider more aggressive measures. In the United States, retail sales and industrial production also came above economists' forecasts. The most important events today will be the release of the CPI in the eurozone as well as building permits and housing starts in the United States.
Daily
Yesterday, EUR/USD retraced up and closed at 1.0548. The euro is now heavily overbought, which is confirmed by the MACD indicator signaling a bullish divergence. The pair returned above the broken support level of 1.0470 and the red Tenkan Line of the Ichimoku indicator, which means bulls might push the price further up. Anyway, this might not be the case. At the moment, the price trades around 1.0518. In light of a 3-day bullish corrective move, today's candlestick could be bearish but its closing price could be above the technical and psychological level of 1.0500. If growth continues, bulls will enter a strong price zone of 1.0590-1.0640. To maintain control over the market, bears need to push the price below the red Tenkan Line and the 1.0470 barrier.
H1
On the 1-hour chart, the quote slowed near the strong technical level of 1.0560 and then reversed down. It may well be that the market pulls back to the broken barrier of 1.0470. The level has been broken in both directions. So, it is not as strong as it used to be. The moving averages that pass above 1.0470 may provide support to the pair and trigger a bullish reversal. Long positions could be opened when the quote falls in the 1.0500-1.0475 range. The formation of bullish candlestick patterns on the 1-hour or 4-hour chart will confirm the signal. If the pair rises to 1.0550-1.0560 and bearish candlestick signals are made, selling could be considered. The targets for long and short positions are seen at 1.0550 and 1.0500 respectively.
Have a nice trading day!
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