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EURUSD Marked Update

4/10/2023 12:02 PM

Against reduced investor activity during the Easter weekend, the EUR/USD pair moves at the closing levels of Friday around 1.0898.

Tomorrow key data on EU retail sales will be published: according to preliminary forecasts, the February decline in the indicator could be –0.8% instead of growth in January by 0.3%, which will accelerate the decline in the annual value to –3.5% from –2.8% earlier, exacerbating the problems in the industry.

The American currency is traded quite actively but contradictory macroeconomic statistics do not allow investors to create an accentuated movement, and quotes stay at 101.800 in the USD Index. Thus, the share of the economically active population adjusted to 62.6% from 62.5%, and unemployment – up to 3.5% from 3.6% previously. Recall that in April 2020, against the background of the coronavirus pandemic, this figure rose to 14.8% from 4.4% in March, renewing the maximum since 1940 but since May, the value has been actively declining. Nevertheless, a slowdown in the growth of nonfarm payrolls is still observed: in March, it reached 236.0K after 326.0K in February, while private nonfarm payrolls rose by 189.0K, below 266.0K in the previous period.

On the daily chart, the trading instrument continues its corrective movement within the global ascending corridor with dynamic boundaries 1.0750–1.1350.

Technical indicators maintain a buy signal: fast EMAs on the Alligator indicator widen the swing range upwards, and the AO histogram forms rising bars, rising in the buying zone.

Resistance levels: 1.0950, 1.1150. | Support levels: 1.0840, 1.0630.

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