1.3815 fell yesterday under bulls’ pressure. EURUSD’s price has rallied again and got near 1.3870 near the end of the trading day, right after the release of the FOMC meeting Minutes. I was expecting the US dollar to strengthen, but the opposite has happened. Investors took the chance to sell the greenback when FOMC officials declared that US interest rate might be raised only after 6 month Fed ends the Quantitative Easing Program.
See yesterday’s analysis: EUR/USD Forecast And Price Action For April 9th;
Today the French Industrial Production was published at 07:15 (GMT) 0.1%. Even though it was 0.1% under analysts’ estimations, the Euro did not care and is signaling a comeback from last night drop. See what the publications are and what is price action telling.
The following are expected today:
EU – ECB Monthly Bulleting (09:00). It is usually a medium impact release and doesn’t trigger high volatility. It reveals the statistical data that the ECB Governing Board evaluated when making the latest interest rate decision.
US – Unemployment Claims (13:30). This is the weekly US labor market indicator. This week is expected to be 314K after a release of 326 from last week. Several months ago it used to move the market pretty much, now it is more like a medium impact indicator.
US – Federal Budget Balance (19:00). It is expected to be around -76.5 B while last month it was published -193.5B. I am not that interested in this indicator, but it is good to know it is in the economic calendar for today.
All Day – G20 and G7.
All hours are GMT
I don’t believe that it will be easy for the Euro to pass 1.3900 this week, but for the moment all the economic data seemed to have sustain its rallies.
EUR/USD Price Action
Euro rallied yesterday all the way to 1.3870 where it has encountered a good resistance. This morning it fell back to 1.3735, but I believe that bulls are determined to push back to 1.3870 or even 1.3900. A negative signal will come only after a fall under the local low.