EUR/USD. Forecast for April 12, 2013
April 12, 2013 9:15 amVideo
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The main reason for the euro’s rise was US Initial Jobless Claims published yesterday. It was 346K against forecast for 362K. We suppose that high volatility currencies followed the growth of the stock market, the volumes were lower than in the previous days, the top investors are waiting for the major event to be develop next week, in particular on the Korean peninsula.
Today the Economics and Finance Ministers will gather (ECOFIN) for a two-day meeting. Today’s major events are Industrial production in the Eurozone and US Retail Sales. At 13:00 GMT+4 data on Industrial production in Eurozone in February is estimated to grow 0.3% vs. a 0.4% drop in January. US Retail Sales in March are forecast to be flat against 1.1% in February. US Core Retail sales are expected to fall 0.1% vs. a 1% rise in February.
JPMorgan Chase and Wells Fargo are going to publish reports on their performance. Growth is expected in both banks. However, taking into account sanctions imposed on JPMorgan due to financial frauds and direct losses totaled $6.2 billion last year, the data maybe weaker.
At 17:55 GMT+4 Michigan Consumer Sentiment Index in April is published. It is estimated to be 79.1 vs. 78.6 in the previous month. At 20:30 GMT+4 Federal Reserve Chairman Ben S. Bernanke speaks. On the whole, it may be concluded that decision pertaining to assets buying Federal Reserve will take after the situation in the North Korea clears up.
Technically, the price has overcome the resistance of Kruzenshtern trendline (blue sliding) and in order to continue growing it has to consolidate higher than green trendline. On the H4 the first bullish target 1.3160 may be reached after 1.3137 is tested. The resistance of trendline 1.3175 is placed near this target. The growth to the level of 1.3225 is possible if the rate consolidates above 1.3175. If the data is weak and the level of 1.3074 is broken, then the first target 1.3043 opens, then 1.3022, 1.3004, and 1.2990.
The material has been provided by InstaForex Company – www.instaforex.com
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