EUR/USD Upward Movement Yesterday Could Continue

Headlines the Economic Calendar on Tuesday

Eurozone 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