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Technical Outlook

  

-EURUSD near the resistance(1.103480) with bulls in control.

-GBPUSD is about to break the below or above the support($1.23297) or resistance($1.25252).

EUROZONE  (EUR): EUROZONE CONSUMER PRICE INDEX (YOY)

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.  Europe’s last CPI decreased to 6.9%, lower than the forecast of 7.1%.

The report is due Wednesday, 19 April at 09:00 GMT

EURUSD Technical Analysis:

EUR/USD chart shows the pair is bullish. The pair has risen while moving average golden cross formation from 50, and the 200MA crossover added extra confluence. The price formed a swing high at $1.10330.

The pair was seen in the correction phase a few new trading weeks, where the market was pushed down by 4.60%, and the price formed support near $1.05253. The sellers tried to break the support twice but could not do so; instead, the buyers entered the market again and pushed it higher by almost 4.62%. The higher high and higher low pattern formation are ongoing, while the price respects the bullish trendline. The price is near the resistance at $1.0348. The RSI line is at 60.91, signifying a slightly overbought trading condition.

If the price breaks the resistance, the market may surge more. Traders here may have a good buying opportunity as the confluence shows bullish pressure, with both the MA trading below the price.

Pivot Points: EURUSD

  Support  Resistance
S11.0991R11.1083
S21.0938R21.1122
S31.0899R31.1175

UK (GBP):RETAIL SALES (MOM)

Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. The UK’s retail sales increased last month to 1.2%, improving from the previous month’s 0.9% and beating the forecast of 0.2%.

The report is due Friday, 21 April at 07:00 GMT

GBPUSD Technical Analysis:

GBPUSD is in an uptrend, with the price respecting the bullish channel. The price is both above the 50 and 200MA, signaling buyers’ pressure and long-term bullish sentiment in the market.

The price has made higher highs and lows after it broke the 50MA on 17th March 2023. The RSI line is at 53.41, signaling neutral overbought and oversight conditions. However, we can see an RSI bearish divergence on the chart, meaning a bearish movement is due. Currently, the price trades between resistance and support and can break out anytime.

Traders must wait for a perfect breakout with confluences. The price has formed a double top and is unable to break above the resistance(previous high). If the market breaks below the support, it may form a break & retest pattern allowing trades to get a risk-to-reward ratio.

Pivot Points: GBPUSD

Support Resistance
S11.2486R11.2546
S21.2452R21.2572
S31.2425R31.2606

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