This would likely be a busy week for the Euro with economic data being released from Germany and European inflation and unemployment rates. On Thursday, German inflation figures for March will kickstart the investors interest ahead of a busy Friday session. After an aggressive bullish rally for the Euro against the Dollar in the last quarter of 2022 until early February 2023 the price has corrected to the downside with some minor gains seen in the last couple of weeks. This week’s data is expected to create some volatility on the Euro pairs with many eyes being set on the “Fiber” chart. Friday being the busiest day in terms of data , investors and traders would pay attention to the figures of inflation and unemployment rates coming from Germany and the European Area while investors would also monitor ECB member speeches throughout the week. ECB Executive Board members Frank Elderson, Isabel Schnabel, Andrea Enria, and ECB President Christine Lagarde are due to speak.
On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Thursday “forcing” it to correct around the $1.07600 area which is trading at the time of this report. The Bollinger bands are expanding indicating volatility build up which is expected to peak for this week around publication hours on Friday. The Stochastic oscillator is not indicating any extreme overbought or oversold levels while in the event of a short term correction to the downside we could possible expect some support around $1.069800 area which consists of a point on the chart where it combines all technical indicators of the 20,50 & 100 moving averages as well as the 23.6% of the daily Fibonacci retracement level.
Disclaimer: the opinions in this article are personal to the writer and do not reflect those of Exness.
On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Thursday “forcing” it to correct around the $1.07600 area which is trading at the time of this report. The Bollinger bands are expanding indicating volatility build up which is expected to peak for this week around publication hours on Friday. The Stochastic oscillator is not indicating any extreme overbought or oversold levels while in the event of a short term correction to the downside we could possible expect some support around $1.069800 area which consists of a point on the chart where it combines all technical indicators of the 20,50 & 100 moving averages as well as the 23.6% of the daily Fibonacci retracement level.
Disclaimer: the opinions in this article are personal to the writer and do not reflect those of Exness.