Meanwhile, at the time of writing the euro-dollar exchange rate was 1.0708. Limited support for the cross has been given in recent minutes by the news of German retail sales clearly recovering (+1.8% in March).
Forecasts on the euro-dollar exchange rate
The euro-dollar exchange rate will probably continue to linger on the support of 1.07 for a good part of today’s session, in a phase of uncertainty that could result in new declines or in an attempt to continue increases at least towards 1.072.
Much will depend on today’s macro data, but for the moment we can highlight 1.0715, 1.072 and 1.0732 as the main resistances to be broken to bring the euro-dollar exchange rate back to a safe distance from the recent lows between 1.06 and 1.07.
However, the most concrete increases would only start above 1.07713, a value which coincides with the 50-day EMA. The 200-day indicator, however, is further ahead, one step away from the resistance of 1.08.
Today’s economic calendar
After the convincing German data on retail sales, today the day continues with the unemployment rate in Germany and the GDP trend in Italy, Germany and at Eurozone level.
Again from the Eurozone, also pay attention to the trend of the inflation rate (monthly and annual flash data), which could seriously alter the daily price dynamics.
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