On Tuesday, European currency strengthened against the USD amid the growth of deficit in balance of trade in the USA. During the whole day the pair traded in the range of 1.1066-1.1222. Presently, the rise in the pair is ongoing.
Today, the data on the retail sales in Eurozone for March will become known. It is expected that this index will drop by 0.7% on monthly basis and will grow by 2.4% on annual basis, which is the lower result compared with the previous value. If this forecast proves to be correct, it can lead to the correct in the market.
On the hourly chart, moving average lines with the periods 20, 50 and 100 are below the current price and directed upwards, which confirms positive trend for European currency. MACD histogram is in the positive zone, also confirming the existence of the uptrend.
The nearest support level is 1.1183 – moving average with the period 20. Strong support will be also at the level of 1.1090 – moving average with the period 50.
The nearest resistance level is 1.1287.