EURUSD 20-04-2018 Intra-day analysis.

Daily Forex Market Preview, 20/04/2018

The UK’s retail sales data showed a larger than expected decline. Retail sales in March fell sharply 1.2% on the month. This was larger than the expected decline of 0.5% that was forecast by economists. The declines also reversed the 0.8% increase from the previous month.

Data from the U.S. showed that the Philly Fed manufacturing index of 23.2. This was weaker than the expected forecast of 20.8 and higher than the previous month’s increase of 22.3.

Looking ahead, the economic calendar will see the release of the Canadian inflation data. Forecasts point 0.4% increase on the month. This was slower than the 0.6% increase compared to the previous month. Retail sales data is also expected to be released today. Economists forecast that retail sales rose at a slower pace of 0.4% compared to 0.9% increase compared to the month before.

Later in the day, the FOMC Member, Williams is also expected to speak.

EURUSD 20-04-2018 Intra-day analysis

EURUSD (1.2340): The EURUSD was seen giving up the gains after another test to 1.2385 failing to push prices higher. The euro currency gave up the gains and is seen pushing lower in the near term. The support level at 1.2300 is likely to be the downside target. However, in the medium term, EURUSD could remain range bound within the current price levels. To the downside, a breakdown below 1.2300 could signal further losses.