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EUR/GBP Support Zone In Play!
Welcome to Mid-Week Trade! It’s been a big rebound week for US stocks, highlighted by a nearly 4% bounce in the US100. And, it’s worth noting that the buyback has come as the USD regains strength against the majors. Since Sunday’s electronic open, the US Dollar Index (DXY) has established itself above the 104.000 handle. Nonetheless, the DXY remains in bearish technical territory on the weekly timeframe.
On the economic news front, the CB Consumer Confidence numbers for March came out during the US session. The report posted a figure of 92.9, well beneath the 94.2 expected and 100.1 previous. This suggests that consumer confidence is fading and that the US entering recession in 2025 is possible.
New Home Sales for February moved up to 676,000 from January’s 664,000. Although this number missed expectations of 682,000, it does represent month-over-month growth. This will be a trend to watch as the markets roll into Q2.
At this hour, the EURGBP is falling out of bed. Rates are down by nearly ½% this week due to heavy selling. The action has brought an interesting support level into play:
Weekly 62% Fibonacci Retracement, 0.8321
If you’re interested in learning more about this Trade Idea, check out our Key Levels. That’s all for now; we’ll see you Wednesday at 10:00 AM EST for “Trading Durable Goods Orders & EIA Inventories!”
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