EURUSD Technical Analysis: Pre-German IFO


The German IFO for April will be released today and it is expected to reflect the weakness seen in last week’s ZEW survey for April. In the meantime, how is the EURUSD currently trading? Find out with this 24 April EURUSD Technical Analysis.

24 April, GKFX – The now softer tone around the greenback is helping EUR/USD to regain some ground lost and lift it to the 1.2215/20 band, or daily peaks.

EUR/USD looks to data, yields

After three consecutive daily pullbacks, the pair is now grabbing some oxygen following earlier multi-week lows in the vicinity of 1.2180. The recent strong up move in both the greenback and yields of the key US 10-year note appear somewhat alleviated on Tuesday, lending some support to the rest of the risk-associated space.

In fact, tracked by the US Dollar Index, the buck has returned to the 90.90 region after briefly visiting the area beyond the 91.00 milestone for the first time since mid-January, while yields retreated to the 2.96% neighbourhood following a test of the boundaries of the key 3.0% level on Monday.

In the data space, the German IFO survey will be the salient event in Euroland today, whereas the S&P/Case-Shiller Index, New Home Sales and Consumer Sentiment gauged by the Conference Board are all due across the pond.

24 April EURUSD Technical Analysis: Pre-German IFO

At the moment, the pair is up 0.05% at 1.2215 facing immediate contention at 1.2185 (low Apr.24) seconded by 1.2165 (low Jan.18) and finally 1.2153 (low Mar.1). On the upside, a break above 1.2314 (21-day sma) would target 1.2321 (10-day sma) en route to 1.2414 (high Apr.17).

Disclaimer

This article 24 April EURUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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