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Last Friday's economic calendar had a fairly important statistical indicator, which drew the attention of most traders.
Here's the details of the economic calendar on April 16:
Europe published its consumer price index, which is also known as the inflation rate of the Eurozone, where the forecast coincided and thus, a positive growth from 0.9% to 1.3% was recorded.
Investors' concerns about the high rate of inflation growth this time did not manifest themselves in the market. But on the contrary, speculators took the news positively, so the euro strengthened by about 35 points during the very opening of the European session, even before the release of inflation data.
It should be recalled that inflation data is prepared by its statistical office of the European Union (Eurostat), which determines the change in prices for a selected basket of goods and services.
From the point of view of fundamental analysis, an increase in inflation leads to the growth of the national currency – EUR.
During the US trading session, American construction data were published, where positive growth was recorded, which led to a slowdown in the growth of stabilization of dollar positions.
March volume of construction of new houses rose by 19.4%
The data on the volume of construction of new houses is prepared by the Census Service of the Ministry of Commerce and reflects the number of erected apartment buildings and houses per family. Each house counts as one unit. The report is an indicator of activity in the real estate market in the United States. The growth of the indicator may lead to the strengthening of the national currency – USD.
The number of building permits issued in March increased by 2.7%, against a decrease of -8.8% in the previous period.
Analysis of trading charts on April 16:
The Euro currency (EURUSD) has been at the bottom of the psychological level of 1.1950/1.2000 for three trading days, showing signs of accumulation of trading forces. Traders assume that such a long amplitude fluctuation will eventually lead to a natural acceleration beyond the established borders.
The trading recommendation on April 16 considered the process of fluctuation within 1.1950/1.2000 as a starting point in the upcoming acceleration, but the entry into the transaction was to be carried out only at the time when the price left the established borders.
No trade deals were opened.
Meanwhile, the British currency (GBPUSD) showed a fairly high speculative interest last Friday. As a result, speculators broke through the upper limit of stagnation 1.3750/1.3800.
The trading recommendation on April 16 considered the acceleration process in case the price was kept outside that other border.
Trading recommendations of EUR/USD and GBP/USD on April 19, 2021
Today, Eurozone's data on the volume of construction for February will be the only data to be released. However, it is unlikely that speculators will be much interested in this.
EU 9:00 Universal time - construction volume data
Looking at the EUR/USD trading chart, it can be seen that the quote still follows the lower part of the area of the psychological level of 1.1950/1.2000. The trading tactics remain the same, so we continue trading on the basis of keeping prices outside a particular border.
Let's illustrate the above into trading signals:
As for the GBP/USD trading chart, one can see that market participants continue to trade on an upward trajectory after holding above the level of 1.3800. Taking into account the available move from 1.3800 level, it can be assumed that buyers still have a margin of about 50 points to 1.3900, but after that, one should not exclude another increase in the volume of short positions.
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