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16.04.2024
EURUSD fell for four consecutive days
On Monday, EURUSD fell for four consecutive trading days. It reached 1.0620 at one point, which marked the lowest level since November 2023.
US retail sales increased more than expected in March
US Retail Sales, m/m (March) increased by 0.7% Vs. 0.4% (forecast), according to the data from the US Department of Commerce. This figure marked the highest level since September 2023. This demonstrates that consumer demand is still resilient, which may support strong economic growth in the first quarter.
The ECB is expected to cut the interest rate in June
The latest economic data from the ECB show that loose monetary policies may be adopted. The ECB may cut the interest rate in June, analysts pointed out.
The bearish market trend prevailed
the Chart of the Day
On the chart of the day, EURUSD continued falling. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred below the zero axis, showing EURUSD will fall further. Investors should focus on whether EURUSD will break through the support at 1.0500. It will decline further with potential support at 1.0450 if it breaks below the support at 1.0500.
4-hour chart
On the 4-hour chart, EURUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether EURUSD will break through the resistance at 1.0665. It will fall further if it rebounds but is capped at 1.0665.
Key resistance: 1.0665, 1.0700
Key support: 1.0500, 1.0450
Generally speaking, as US economic data was strong, and the expectation that the ECB will cut the interest rate climbed, EURUSD is more likely to fall further. Investors should focus on the speech made by officials at the Fed.
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