Last week was marked with USD strengthening, but this trend is being tested this week. Taking a look at EURUSD chart at H4 interval, we can see that the halted last week's pullback at the 1.0800 support zone, marked with 23.6% retracement of the downward move launched at the end of December 2023. A recovery move was launched this week with the pair climbing to the 1.0850 resistance zone today, marked with 200-period moving average (purple line) as well as previous price reactions. The next potential resistance to watch, in case of a break higher, can be found in the 1.0865 area, marked with 38.2% retracement and 50-period moving average (green line).
Spanish final GDP report for Q4 2023 was released this morning at 8:00 am GMT. However, as the report confirmed flash readings, there was no reaction on the market. Nevertheless, EURUSD may see some volatility in the afternoon today, when US durable goods orders report for February and Conference Board consumer confidence index for March are released at 12:30 pm GMT and 2:00 pm GMT, respectively. Also, EUR may see some more moves tomorrow in the morning when flash CPI release for February from Spain is released (8:00 am GMT).
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Source: xStation5
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