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  • - Hopeful that the economy can switch to high-productivity growth after the pandemic - Appetite for holding liquid government debts is insatiable and this trend does not look to be reversing
  • USD/CAD attempts to retrace the decline following the update to Canada’s Employment report in an effort to retain the opening range for April. Get your $USDCSD market update from @DavidJSong here:https://t.co/TZ7s4X1VXF https://t.co/aqycOmCINp
  • - Will defer to Chair Powell to begin tapering discussion - We remain on the lookout for financial stability risks - Improved regulatory frameworks put in place since the financial crisis have helped mitigate these risks
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.26% 🇯🇵JPY: 0.23% 🇬🇧GBP: 0.23% 🇦🇺AUD: 0.01% 🇳🇿NZD: -0.03% 🇨🇦CAD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LXnEJybdjH
  • - Pandemic has not yet come to a close in the US - Still too early to talk about changing monetary policy - Want to maintain easy policy while we're still in the pandemic
  • British Pound Technical Analysis: GBP/USD, GBP/JPY, EUR/GBP https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/04/12/british-pound-gbp-sterling-technical-analysis-gbpusd-gbp-usd-gbpjpy-gbp-jpy-eurgbp-eur-gbp.html https://t.co/O0tr0BA9ZG
  • Fed's Bullard: - Sees US growth at 6.5% in 2021 - Base effects in inflation will make numbers hard to interpret - We remain in a period of uncertainty about inflation and will not know for sure until the dust has settled later this year #Fed $USD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.02% FTSE 100: -0.03% Germany 30: -0.05% Wall Street: -0.07% US 500: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rwina1eAS0
  • $EURUSD has produced two consecutive inside day candles thus far in Monday trade. The three-day range as a percentage of spot is the smallest since February 20, 2020 https://t.co/G5W3j5kU8K
  • $EURCHF has continued to weaken today, dropping below the 1.1000 level to trade at its lowest point since the beginning of March. $EUR $CHF https://t.co/yHxsXK2VG1
Euro Latest: EUR/USD, EUR/GBP Price Action Set-Up for ECB

Euro Latest: EUR/USD, EUR/GBP Price Action Set-Up for ECB

Justin McQueen, Analyst

EUR/USD, EUR/GBP Price Analysis & News

  • EUR/USD Faces First Resistance Test After Bounce Back
  • EUR/GBP in Oversold Territory

EUR/USD | A benign inflation report and a somewhat mediocre US 10Y auction has been enough weigh on the greenback and by extension, lift EUR/USD back to the mid-1.19s. This provides the first test of resistance for the countertrend move in the pair and thus today’s close will be key as to whether EUR/USD can push to better levels. Failure to do so and focus will return to a move towards the 200DMA. However, the direction in the Euro will likely be determined by the current moves in US fixed income, which has recently been the key driver behind the gains in the greenback. Looking at the topside technical levels, resistance is ahead at 1.2010-20 with 1.2042 (100DMA) above.

EUR/USD Chart: Daily Time Frame

Euro Latest: EUR/USD, EUR/GBP Price Action Set-Up for ECB

Source: Refinitiv

EUR/USD Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 14% 16% 15%
Weekly -20% 45% 10%
What does it mean for price action?
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EUR/GBP | The sell-off in EUR/GBP has been consistent since the beginning and largely insulated from the recent recovery in the USD. Meanwhile, the narrative over the vaccine trade in the cross has been well documented since January, and arguably this may have played its course already. That said, with the 20DMA continuing to cap any bounces in the cross, momentum remains tilted to the downside. The one caution I would add however, is that the RSI is currently in oversold territory and thus chasing lower levels from here are not appealing, the snapback higher on Feb 25th being the most obvious example. In turn, the view here is to fade rallies from 0.8640-60 (20DMA). On the downside, key support resides at the swing low at 0.8540.

EUR/GBP Chart: Daily Time Frame

Euro Latest: EUR/USD, EUR/GBP Price Action Set-Up for ECB

Source: Refinitiv

EUR/GBP Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 6% 18% 12%
Weekly -27% 41% -3%
What does it mean for price action?
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