April 21st – 25th
EURUSD pair closed last week’s trading session marginally higher after a calm weekly trading session due to the lack of any high impact events. The low liquidity and low trading volume let the euro to gain some ground form US Dollar. The European Harmonized index of consumer prices came in line with expectations. ECB cut deposit interest rates by 0.25% as it was widely expected, although, the event did not trigger any price action in the pair.
As for this week, traders and investors will mainly focus on the on the light economic calendar and the technical levels. Unless a change happened between US and China trade war, in the rest the week is expected to be calm without any huge price actions.
On the economic calendar we have on Wednesday, German manufacturing PMI pointing at 48.3 European Manufacturing PMI pointing at 48.6 and US Services PMI pointing at 54.4 On Thursday, US Durable goods orders expected higher at 1.8% On Friday, Michigan consumer sentiment expected lower at 50.7%
Technically the picture is positive after last week’s close above (23.6%) at 1.1356 In this week’s trading session if pair trades on the upside will re-test 1.1468 (0%) A break out and close above 1,1468 will open the road for 1.1568 If trades on the downside will test 1.1273 (23.6%) A break and close below 1.1273 will add downside pressure and test 1.1134 Our traders are net short positions between 1.1260 – 1.1468 targeting profits at 1.1150 if pair trades on the downside we are expecting take profits on short positions and new long positions starting at 1.1150 More aggressive short positions are expected on the way up
GBPUSD pair closed last week’s trading session higher despite UK lower CPI. The pair found support on the lack of any high impact economic events and manage to break higher on new multi month higher levels.
As for this week, traders and investors will mainly focus on the on the light economic calendar and the technical levels. Speeches from FED’s and BOE’s officials are due during the week and will guide investors and trader on future central banks’ monetary policies. Unless a change happened between US and China trade war, in the rest the week is expected to be calm without any huge price actions.
On the economic calendar we have on Wednesday, the UK manufacturing PMI pointing at 51.5 UK Services PMI pointing at 52.5 and US Services PMI pointing at 54.4 On Thursday, US Durable goods orders expected higher at 1.8% On Friday, UK retail sales expected lower at -0.3% and Michigan consumer sentiment expected lower at 50.7%
Technically the pair’s overall picture is positive after last week’s close above 100% at 1.3294 As for this week, if pair trades on the upside, will test 1.3410 A break and close above 1.3410 will open the road for 1.3500 Alternative, if trades on the downside, will test 1.3157 (23.6%) A break and close below 1.3157 will open the road for 1.3078 Our traders stop-out all long positions and now sitting on the side for new technical levels. We are expecting new short positions on the way up and new long positions starting at 1.3157 (23.6%).
Para conocer con más detalle los acontecimientos del calendario económico, visite nuestro calendario económico en directo en:
https://tentrade.com/economic-calendar/
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