We expect the German labor market data. Recently, the leading Eurozone economy has not pleased investors with positive macroeconomic statistics and we do not expect surprises now - there are no preconditions for employment growth. The low inflation in the euro area, together with weak economic growth in the first quarter cannot not help to low unemployment. We don’t expect any important macroeconomic statistics publication from the United States and the euro/dollar may trade in a side trend.
The support levels are 1.3590- 1.3600, and the resistance levels are 1.3650 - 1.3670.
MACD is in negative territory. The histogram is descending.
The situation remains the same - pressure remains, the pair is being traded in a 100 -point range. The current support breaking will open the way to 1.3544.
The United States and UK will not please foreign exchange market participants with the important macroeconomic statistics. In the light of this, we can expect a lateral trend development throughout the day. Investors are optimistic about the pair, still believing that this year economic growth will be quite high. However, there are no drivers for the quotations growth now and market participants will take a wait to see what’s coming.
The support levels are 1.6700 - 1.6730, and the resistance levels are 1.67700 - 1.6800.
MACD histogram is lowering thus giving a sell signal.
Currently the British pound is approaching new lows. In the short term, it may test the support at 1.6640.
The world's leading stock indices move higher and higher, S&P500 set a fresh historic high the day before, while bulls are not in a hurry to attack the dollar/yen. Nevertheless, the growth potential is still present and it is expected to test the resistance level 102.39. In general, during the day we may expect a moderate upward trend.
The support levels: 101.70- 101.80, and the resistance levels: 102.00- 102.20.
The MACD is at a zero line.
The growth above 102.30 will return bulls’ confidence. The pair may go downwards to 101.40 soon.