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Market Review 03 April 2020

Apr 3, 2020 (06:47)

by Constantinos Loizou

In today’s Economic calendar we can expect some volatility in the EUR and USD
At 09:00 (GMT), the Eurostat will release the Retail Sales for the Eurozone
Those figures show the performance of the retail sector in the short term
The result is forecasted to remain unchanged, same as the previous month at 1.7%
At 12:30 (GMT), the Bureau of Labor Statistics of the USA will release the Nonfarm Payrolls for the previous month
Those figures reflects how many new jobs were created during the previous month, in all non-agricultural businesses.
The result is forecasted to decrease to -100K considering that last month’s result was at 273K
At 12:30 (GMT), the Bureau of Labor Statistics of the USA will announce their Average Hourly Earnings
Those figures are important indicators for labor cost inflation
The result is forecasted to remain unchanged, same as the previous month at 3%
At 12:30 (GMT), the Bureau of Labor Statistics of the USA will release their Unemployment Rate Figures
The result is forecasted to increase to 3.8%, considering that last month’s result was at 3.5%
At 14:00 (GMT), the Institute for Supply Management of USA will release their ISM Non-Manufacturing PMI
Those figures show the business Conditions in the USA non-manufacturing sector
The result is forecasted to decrease to 44, considering that last month was at 57.3

On the Charts

The Euro Stoxx 50 Index price is now at 2630
On the 4 hourly chart, the price had broken below the upward trading channel
For the time being the price is below the 20 periods Moving Average
Momentum remains bearish, since Rate of Change (6 periods) and MACD are both below 0
Considering the above, there is a possibility to see the price moving lower to the previous support and target out of channel at 2258
Otherwise, if the price breaks above the 20 periods Moving Average, we may see it testing the upward channel and the previous resistance at 2790

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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