It is a short trading week for many European markets celebrating Easter Monday. Muted trading environment will continue also in this week due to the light economic calendar. On Wednesday the 4th, preliminary consumer price index is expected to point higher at 1.4% compared to last report of 1.1%, if this is to be confirmed we may see some gains for EURO. As for euro’s counterparty, the US Dollar, traders will focus on Non-farm payrolls due to be released on Friday the 6th. Expectations are for 198K down from last report of 313K. Even if the reading will be marginally lower at 150K, this will still be considered as positive reading and can push the dollar higher, meaning that EURUSD pair can be pushed down to 1.2184 level.
Technical analysis shows the EURUSD pair is range trading. It is recommended to maintain a trading style to buy into dips. First buy order is standing at 1.2280, take profit 1.2500, trailing stop above 1.2400, strong buy is at 1.2184 take profit 1.2500 trailing stop above 1.2350.
With no economic events for the UK economy there is nothing to say about GBP. Once again, the pair GBPUSD will be in the hands of USD, and as we mention above, the only event for this week is the non-farm payroll of Friday the 6th.
Technical analysis maintains a bullish stance and a continued style to buy into dips. Maintain long positions, buy at 1.4060, take profit 1.4200, trailing stop above 1.4150, and new buy order is placed at 1.3923, take profit 1.4200, and set trailing stop above 1.4060.
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