As it was expected, the data that was released yesterday could not give impulse to downward movement. However, it kept the markets from falling. Retail Sales in Germany in February rose 0.4% against forecast for a 0.6% drop. The number of unemployed increased by 13K against expectations for a 2K decrease. US GDP grows by upwardly revised 0.4% in Q4 vs. forecast for 0.5%. US Initial Jobless Claims were 357K vs. 338K. Chicago Purchasing Manager Index dropped to 52.4 against expectations for 56.5. The euro grew 36 points.
Italian President Giorgio Napolitano took over the search for the next prime minister after Pier Luigi Bersani failed to assemble a majority in the divided parliament. The stalemate stems from “conditions I considered unacceptable” in the demands of rival lawmakers, Bersani said yesterday after meeting Napolitano at the presidential palace in Rome. The country is under pressure to come up with a government capable of halting the recession and protecting Italy from EU’s debt crisis. Napolitano must appeal to Bersani’s forces, who control the lower house of parliament, and win backing from some of the senators loyal to Grillo or Berlusconi. Thus, the negative from Cyprus moves to Italy. However, there is little respite.
Today it is holiday both in Germany and the UK as well as on Monday (Easter). At 16:30 GMT+4 data on US in February is published. Personal Income is forecast to rise 0.9% vs. a 3.6% drop in January. Personal Spending is expected to be 0.6% vs. 0.2% in the previous month. PCE Core is expected to be flat, 0.1%. Michigan Consumer Sentiment Index in March is scheduled to be revealed at 17:55 GMT+4. It is expected to move upwardly from 71.8 to 72.9/73.2.
Technically, if the yesterday’s high 1.2844 is reached, then the target 1.2893 opens, which is resistance of the trendline on the H4. Then goes the area of 1.2914/18, the resistance on the daily chart of the trendline and the level of Fibonacci 314% on the H4. If the level of 1.2800 is broken, a reverse to the low 1.2752 is possible.
The material has been provided by InstaForex Company – www.instaforex.com
As it was expected, the data that was released yesterday could not give impulse to downward movement. However, it kept the markets from falling. Retail Sales in Germany in February rose 0.4% against forecast for a 0.6% drop. The number of unemployed increased by 13K against expectations for a 2K decrease. US GDP grows by upwardly revised 0.4% in Q4 vs. forecast for 0.5%. US Initial Jobless Claims were 357K vs. 338K. Chicago Purchasing Manager Index dropped to 52.4 against expectations for 56.5. The euro grew 36 points.
Italian President Giorgio Napolitano took over the search for the next prime minister after Pier Luigi Bersani failed to assemble a majority in the divided parliament. The stalemate stems from “conditions I considered unacceptable” in the demands of rival lawmakers, Bersani said yesterday after meeting Napolitano at the presidential palace in Rome. The country is under pressure to come up with a government capable of halting the recession and protecting Italy from EU’s debt crisis. Napolitano must appeal to Bersani’s forces, who control the lower house of parliament, and win backing from some of the senators loyal to Grillo or Berlusconi. Thus, the negative from Cyprus moves to Italy. However, there is little respite.
Today it is holiday both in Germany and the UK as well as on Monday (Easter). At 16:30 GMT+4 data on US in February is published. Personal Income is forecast to rise 0.9% vs. a 3.6% drop in January. Personal Spending is expected to be 0.6% vs. 0.2% in the previous month. PCE Core is expected to be flat, 0.1%. Michigan Consumer Sentiment Index in March is scheduled to be revealed at 17:55 GMT+4. It is expected to move upwardly from 71.8 to 72.9/73.2.
Technically, if the yesterday’s high 1.2844 is reached, then the target 1.2893 opens, which is resistance of the trendline on the H4. Then goes the area of 1.2914/18, the resistance on the daily chart of the trendline and the level of Fibonacci 314% on the H4. If the level of 1.2800 is broken, a reverse to the low 1.2752 is possible.
The material has been provided by InstaForex Company – www.instaforex.com
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