The EUR is trading near the significant resistance level 4/8 Murray or 1.0742. In case of breakout the next target will become at the level of 1.0785. The Forex traders bought the pair due to the not quite positive macroeconomic data. New housing construction indicator considerably fell in March (by 6.8%), and industrial output index grew by 0.5%.
On the other hand the dynamics of the EUR is determined by the political component in the nearest time. The first round of the Presidential Elections in France is due at April, 23, and if Marine Le Pan wins the country can leave the EU just like the UK, as it was one of the election promises of the National Front party leader. According to preliminary data, Emmanuel Macron and Le Pan in fact have the same rating.
Today the EU MoM and YoY Consumer Price Index are to be published today, which won’t surprise the market, and the Beige Book.
Support and resistance
Support level: 1.0681.
Resistance level: 1.0742.
Open short positions at the current price, stop loss is around 1.0755 and target at 1.0650.
|Key Levels||1.0681, 1.0742|