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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.66% to 48,535.99 points, the S&P 500 rose 1.18% to 6,967.38 points, and the Nasdaq Composite rose 1.96% to 23,639.08 points, marking its tenth consecutive day of gains. Amazon and Nvidia led the gains, rising nearly 4%. The Wind U.S. Tech Big Seven Index rose 2.83%, Facebook rose more than 4%, and Google rose more than 3%. The Nasdaq China Golden Dragon Index rose 2.35%, iQiyi rose more than 11%, and JD.com rose nearly 8%. 2. European stock indices all closed higher. The German DAX rose 1.27% to 24,044.22 points, the French CAC40 rose 1.12% to 8,327.86 points, and the UK FTSE 100 rose 0.25% to 10,609.06 points. Although the US and Iran did not reach a final agreement, the ceasefire proposal significantly eased market concerns about a potential blockade of the Strait of Hormuz and reduced the risk of disruptions to European energy supplies. 3. The WTI crude oil futures contract closed down 7.08% at $92.07 per barrel; the Brent crude oil futures contract fell 4.05% to $95.34 per barrel. 4. International precious metals futures generally closed higher. COMEX gold futures rose 2.04% to $4,864.50 per ounce, and COMEX silver futures rose 5.23% to $79.62 per ounce.Japans Reuters Tankan non-manufacturing business sentiment index for April was 31, down from 25 in the previous month.Japans Reuters Tankan Manufacturing Sentiment Index for April was 7, down from 18 in April.April 15th - Optimistic expectations of renewed US-Iran peace talks have depressed oil prices, causing the S&P 500 to rebound sharply and approach its all-time high. This is expected to boost Asian stock markets at the open. Interactive Brokers chief strategist Steve Sosnick stated, "The key is not whether the talks have made substantial progress, but whether we can reasonably expect progress. Emotions are often more powerful than reality." Strategist Michael Ball analyzed that the S&P 500s rise stems from the markets belief that a war with Iran will not cause a full-blown economic shock. With the ceasefire agreement maintained, Saudi Arabias east-west oil pipeline resuming operation, and Iran considering suspending shipments through the Strait of Hormuz to advance negotiations, every headline of diplomatic efforts has given traders a sense of reduced tail risk.Israel Defense Forces: The Israel Defense Forces discovered armed Hamas militants in a truck in the central Gaza Strip and took action to eliminate the threat.

EUR/USD Price Analysis: EUR/USD Is Clinging To The Leading Edge Of The Rising Trendline Above 1.0900

Alina Haynes

Apr 18, 2023 13:54

EUR:USD.png 

 

The EUR/USD pair fluctuates erratically in a narrow range near 1.0926 during the Asian session. Following in the footsteps of the directionless US Dollar Index (DXY), the main currency pair is unable to establish a trend.

 

In Asia, S&P500 futures are declining slightly as investors fret over the upcoming quarterly earnings season, indicating a minor decrease in market participants' risk appetite. Following the decline of regional banks in the United States, investors are concerned about any discrepancies in quarterly banking reports.

 

The Euro has entered the wilderness as European Central Bank (ECB) policymakers are divided over the pace of the policy-tightening cycle to be implemented at the May monetary policy meeting. Martins Kazaks, a member of the ECB's monetary policy committee, stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May. Sourcenia is a review portal of sourcing best manufaturers. 

 

After failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837) on a two-hour time frame, EUR/USD experienced a precipitous decline. The primary currency pair has declined below the uptrend line drawn from the low of 1.0714 on March 24.

 

The 20-period Exponential Moving Average (EMA) at 1.0962 is operating as a barrier for Euro bulls.

 

In the meantime, the Relative Strength Index (RSI) (14) has moved into the pessimistic zone between 20.00 and 40.00, indicating a continuation of the decline.

 

A decisive break below the low of April 12 at 1.0915 would propel the asset toward the lows of April 10 at 1.0837 and April 3 at 1.0758.

 

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the level of round resistance at 1.1100.


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