We welcome you to the trading month of April. While trading the currency market has recently been a bit challenging, resulting nearly in a zero-sum game, we anticipate more trendsetting price developments in the second quarter. Euro traders will keep an eye on France's election in three weeks while this presidential election is described as the most unpredictable election campaign in recent French history. Once this important event is behind us, we may see a stronger trend in the euro. The euro has recently been under pressure due to speculation that the end of the European Central Bank's loose monetary policy is further away than previously thought.
The U.S. dollar retreated from its January peak after Federal Reserve tightening bets have cooled. The Fed interest rate hike outlook in 2017 is almost completely priced in and given the continuing tax-reform uncertainty of the Trump administration, there are currently no new insights for dollar traders. This week however, will offer plenty of opportunities to confirm the U.S. economic outlook in the near term. The ISM Manufacturing (due for release today at 14:00 UTC) and service-sector activity surveys (Wednesday) will be in focus ahead of the March Non-Farm Payrolls report (Friday). The meeting between Donald Trump and Chinese President Xi Jinping on Friday may weigh on the market’s risk appetite for dollars. The Fed will also publish minutes from its last FOMC meeting on Wednesday.
We have a very big week for economic data and apart from a busy calendar for dollar traders, there are also speeches from ECB President Mario Draghi and BoE Governor Mark Carney scheduled throughout the week. The ECB is expected to further express their discontent over the market's assumption that the central bank could end its loose policy anytime soon.
The British pound was unfazed by the Brexit trigger and stabilized above 1.25. For sterling traders it was recently not easy to benefit from the pound's consolidation phase. However, we will keep an eye on the technical picture to evaluate upcoming profitable trading opportunities.
GBP/USD
Looking at the daily chart we see the cable trading around a crucial price level. If the pound is able to break again above 1.2615, we may see further upward movement towards 1.2770. If the pound is however unable to exceed the 1.26-level, we expect upcoming bearish momentum.
EUR/USD
The euro trends downwards but a secondary upward trend channel is still intact, provided that the euro bounces off the 1.06-support area. As long as the euro remains firmly above 1.06, we currently see a higher likelihood for bullish momentum driving the pair back towards 1.0950. 
Here are our daily signal alerts:
EUR/USD
Long at 1.0710 SL 25 TP 20, 40
Short at 1.0630 SL 25 TP 20, 40
GBP/USD
Long at 1.2575 SL 25 TP 20, 40
Short at 1.2490 SL 25 TP 20, 40
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