Yesterday the pound followed the general bullish trend, FTSE100 grew 0.45%, DJIA added 0.42%, and the pound rose 52 points.
Today the major macroeconomic event is US Retail Sales in March (it is revealed at 16:30 GMT+4). It is estimated to be flat vs. 1.1% in February. US Core Retail Sales is expected to drop 0.1% against 1% in February.
Technically, the price did not manage to leave the Fibonacci extension on the H4 and consolidate above it. It gives the possibility for the pair to rise to resistance of trendline on the daily chart 1.5525, coinciding with Fibonacci level 236%. However, at the moment the price has not consolidated on the daily chart above the resistance of green trendline, which coincides with the level of Fibonacci 271%. In order to do it the price has to pass the following ways: 1.5435 on the H4 and 1.5440 on the daily chart, the level of Fibonacci 261.8%. Then such targets on the H4 open as 1.5464 and 1.5500. If the US Retail Sales data is weak, a bearish scenario is possible in the US; test of the level of 1.5366, the level where the levels of Fibonacci on the H4 coincide and reverse under the level of Fibonacci and reach of 1.5300.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday the pound followed the general bullish trend, FTSE100 grew 0.45%, DJIA added 0.42%, and the pound rose 52 points.
Today the major macroeconomic event is US Retail Sales in March (it is revealed at 16:30 GMT+4). It is estimated to be flat vs. 1.1% in February. US Core Retail Sales is expected to drop 0.1% against 1% in February.
Technically, the price did not manage to leave the Fibonacci extension on the H4 and consolidate above it. It gives the possibility for the pair to rise to resistance of trendline on the daily chart 1.5525, coinciding with Fibonacci level 236%. However, at the moment the price has not consolidated on the daily chart above the resistance of green trendline, which coincides with the level of Fibonacci 271%. In order to do it the price has to pass the following ways: 1.5435 on the H4 and 1.5440 on the daily chart, the level of Fibonacci 261.8%. Then such targets on the H4 open as 1.5464 and 1.5500. If the US Retail Sales data is weak, a bearish scenario is possible in the US; test of the level of 1.5366, the level where the levels of Fibonacci on the H4 coincide and reverse under the level of Fibonacci and reach of 1.5300.
The material has been provided by InstaForex Company – www.instaforex.com
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