EUR/USD is bullish, although unlikely to leave its latest range, according to NDDFX’s Chief Analyst Valeria Bednarik.
“The US has just released its March Goods Trade Balance, which posted a deficit of $64.22B, worse than the $-62.67B expected, and Wholesale Inventories for the same month, which came in at -1.0% beating the market’s expectations.”
“EUR/USD has broken above a daily descendant trend line, bullish in the short term, although it would need to clear the 1.0920 resistance level to keep rallying today.”
“In the 4-hour chart, the EUR/USD pair is above its 20 and 100 SMA, which have turned flat, but still below a bearish 200 SMA. Technical indicators, in the meantime, maintain their strong bullish momentum within positive levels, skewing the risk to the upside.”