The pair paused a 2-week fall managed to close with 1.2% gain at the end of the week. The pair erased a half of its gains during Thursday and Friday's sessions. Finally, it managed to close above the 20Wsma.
Owing to lack of macroeconomic data, it is understandably a quiet week. Today, traders eye German industrial production. March's industrial production readings are well below expectations. Readings has been disappointing for more than a year. April's readings may change the direction. We expect mild positive readings this time.
Technical analysis: A new week opened with green ticks today's Asian session. The weekly support is found at 1.1040 20Wsma. Bulls' last hope remains at 1.0997 50Dsma. The weekly resistance is seen at 1.1275 and 1.1380. A daily close is below 1.0990 and bears aim at 1.0880 and 1.0820. The current uptrend will change in case bears manage to bring the price below 1.0800. At last Friday's session, we advised selling until a close below 1.1275 with a target at 1.1075 and 1.1020. The pair hit a low at 1.1050. The weekly trading pattern is framed between 1.0800 and 1.1275. Weekly trade will favour using a spike to sell until the price closes below 1.1275
Intraday view: Today's trade is likely to depend on German data. At today's Asian session, the pair is trading at 1.1100 compared to 1.1114. Intraday support is found at 1.1070 and 1.1040. Resistance is seen at 1.1160 and 1.1220. In the H1 chart, lower lows and lower highs formation takes place with targets at 1.1000 and 1.0960. Safe selling will be triggered below 1.1040 with targets at 1.1000 and 1.0960. Safe buying is advised above 1.1225 with targets at 1.1250 and 1.1280. Risky buying is seen above 1.1160 with targets at 1.1180, 1.1200, 1.1220, 1.1250, and 1.1280.
To contact the author of this analysis, please email- firstname.lastname@example.org