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Annual inflation in Europe accelerated to 7.4%, which is considered a very high indicator. A month earlier, its level was 5.9%. Despite such shocking values, they predicted an even stronger acceleration of consumer prices to 7.5%. Perhaps the divergence of expectations played into the hands of the European currency.
Note that inflation has already broken through all conceivable and unthinkable limits, this is a negative factor for the EU economy.
Weekly data on the number of applications for unemployment benefits in the United States were published, where a decrease in their volume was recorded.
Statistics details:
The volume of initial claims for benefits decreased from 186,000 to 184,000.
The volume of continuing claims for benefits decreased from 1.475 million to 1.417 million.
The EURUSD currency pair reached 1.0935 in the pullback stage, where there was a sharp reduction in the volume of long positions. This led to a change in trading interests with the return of the price within the deviation of the level of 1.0800.
The GBPUSD currency pair was temporarily in the stage of a pullback from the support level of 1.3000. This led to a slight strengthening of the pound sterling, but upon reaching the area of 1.3080, the price reversed. As a result, the quote returned to the pivot point, completing the pullback stage.
Today, data on retail sales in the UK were published, which recorded a decline from 7.2% to 0.9%. This is a negative factor for the British economy, which will affect the pound in the future.
Preliminary data on business activity in the manufacturing and services sector for April in Europe, Britain, and the United States are expected to be published today. A widespread recession is predicted, which is justified by the current economic situation in the world.
Time targeting
08:00 UTC
– EU Manufacturing PMI: Previous: 56.5 points, Forecast: 54.7 points
08:00 UTC
– EU Services PMI: Previous: 55.6 points, Forecast: 55.0 points
08:30 UTC
– UK Manufacturing PMI: Previous: 55.2 points, Forecast: 54.0 points
08:30 UTC
– UK Services PMI: Previous: 62.6 points, Forecast: 60.0 points
13:45 UTC
– US Manufacturing PMI: Previous: 57.7 points, Forecast: 57.0 points
13:45 UTC
– US Services PMI: Previous: 58.0 points, Forecast: 58.0 point
At the moment, it is necessary to confirm the completion of the pullback. This will help the signal of holding the price below the level of 1.0800. The main signal to sell the euro will occur when the price holds below 1.0750 in a four-hour period. As long as the quote does not hold below the control level, the market remains at risk of a resumption of a pullback or a flat formation.
The psychological level of 1.3000 serves as the main support, which puts pressure on sellers. In order to confirm the signal of prolongation of the medium-term downward trend, the quote needs to stay below the value of 1.2900. Otherwise, it is impossible to exclude the repetition of the natural basis of the past associated with the control level. This can lead to a repeated pullback or stagnation.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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