Headlines the Economic Calendar on TuesdayEurozone Gross Domestic Product
The Eurozone GDP is expected to come out at 0.3% q-o-q growth, which is higher than 0.2% in the previous number. This would lead to an annual realization of 1.1%. A better than expected realization may support a single currency.
Watch Out For German CPI Inflation
The German CPI inflation will be published today. On the year-on-year basis, the CPI is estimated to rise to 1.6% from 1.3%. A higher than expected reading will support the single currency.
Canada GDP for February
Market consensus for Canada GDP growth is 0.1% m-o-m growth in February
Pending Home Sales
US Pending home sales will be another data to be followed by the market. It is expected to rise to 1.1% m/m in March from -1.0% fall in February. Increase in pending home sales is good news for US housing market.
Technical Analysis:
EUR/USD
The EUR/USD pair showed an upward movement yesterday. Ahead of the Eurozone GDP number, if the rise continues, we will watch the 1.1219 daily resistance level. In contrast, if the price shows a downward movement, we will see the 1.1103 major support level.
Support: 1.1103 - 1.0980 - 1.0837
Resistance: 1.1219 - 1.1285 - 1.1355
GBP/USD
The 1.2931 major support level is critical for the GBP/USD pair. As long as the price sustains above 1.2931 on a four hourly basis, the daily resistance level can be seen at 1.2994. Otherwise, if the price drops below 1.2931, we will follow the next daily support level at 1.2871.
Support: 1.2931 - 1.2871 - 1.2807
Resistance: 1.2994 - 1.3055 - 1.3152
USD/JPY
The USD/JPY pair showed a downward movement in the Asian Trade Session. Now, we will focus on the daily support level of 111.18. As long as the pair stays above 111.18, on a daily basis, the fall may be limited. On the other hand, if the pair moves up, the main resistance level can be found at 111.85 again
Support: 111.18 - 110.35 - 109.57
Resistance: 111.85 - 112.37 - 112.98
Gold
The Gold Price pulled back to the 1278 key support level yesterday. However, as long as the price stays above 1278, on a four hourly basis, the downward movement may be limited. At this point, we will follow the daily resistance level at 1291. On the other hand, if the price moves down below 1278, the next support level will be seen in 1266.
Support: 1278 - 1266 - 1251
Resistance: 1291 - 1305 - 1316
USD/TRY
The USD/TRY pair has extended gains and it is now trading above the support level of 5.9596. If the pair sustains above that level on an hourly basis, the rise may gain more momentum and the resistance level will be at 6.0268. In contrast, If the price falls below 5.9596, we will follow the support level at 5.8715.
Support: 5.9596 - 5.8715 - 5.7978
Resistance: 6.0268 - 6.1328 - 6.2134
EUR/GBP
The EUR/GBP pair found buyers from the main support level of 0.8619. In the event that the rise continues, we will see the resistance levels at 0.8702. Otherwise, if the price drops below 0.8619 the next support level can be seen at 0.8521.
Support: 0.8619 - 0.8521 - 0.8429
Resistance: 0.8702 - 0.8779 - 0.8862