EURUSD Continues Corrective Trend – Financial Magazine

Current dynamics

Quotes of the EUR / USD pair slowed down their growth, trading in a corrective trend at the level of 1.2090.

On the eve of the European Commission published the spring forecast for the development of the EU economy, according to which the economic indicators of the region will be able to return to pre-crisis levels only by the end of 2022 and the beginning of 2023. Eurozone GDP is forecast to grow by 4.2% in 2021 and 4.4% in 2022. Also today, the European Central Bank is to publish a statement on monetary policy. Investors do not expect changes, as key indicators have not yet come close to the “decision-making levels”: inflation is 1.6%, and the unemployment rate is far from the target range of 7.0% -7.4%.

For the first time this week, the quotes of the American currency showed acceptable growth. After serious fears about high inflation, investors expected a fall in the labor market, but yesterday’s data showed positive dynamics. Thus, the number of initial applications for unemployment benefits fell from 507 thousand to 473 thousand against the forecast of 490 thousand. In turn, the producer price index in April rose by 0.6% with an expected increase of 0.3%.

Support and resistance levels

On the global chart of the asset, the price continues its corrective growth. Technical indicators hold a buy signal: the swing range of the EMA on the alligator indicator is still wide enough, and the histogram of the AO oscillator is trading in the buy zone.

  • Resistance levels: 1.2162, 1.2336
  • Support levels: 1.2000, 1.1842

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