$EURUSD Forex Signal: Reversal Likely Ahead of Consumer Confidence Data
Set a buy-stop at 1.0800 and a take-profit at 1.0900.The EUR/USD price was a bit flat on Tuesday morning as concerns of the banking sector eased and after the relatively strong German business sentiment data. It rose to a high of 1.0786 during the Asian session as traders waited for the upcoming US consumer confidence data.The main catalyst for the EUR/USD pair in the past few weeks has been the performance of the banking sector following the collapse of several banks.
The EUR/USD pair reacted to the relatively strong economic numbers from Germany. Data by the Ifo Institute showed that business expectations improved from 88.4 in February to 91.2 in March, higher than the expected 88.3. The business climate index rose from 91.1 to 93.3, signaling that the corporate sector in the country was doing well.
The key mover for the pair will be a statement by Christine Lagarde, the head of the European Central Bank . In it, she will likely maintain her hawkish tone and point out that the bank will continue its tightening process. The other notable event will be the latest consumer confidence data from the United States. Economists expect that confidence among consumers dropped from 102.9 to 101 as inflation remained at an elevated level. This figure will come a few days after the Fed decided to hike interest rates by 0.25%.The EURUSD pair drifted upwards slightly as concerns in the banking sector eased. It managed to move slightly above the key support at 1.0760, the highest point on March 15.
It has also moved between the 25-period and 50-period moving averages while the Relative Strength Index has moved slightly above the neutral point at 50.breakout, with the next reference level being at 1.0650.
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