{"id":6611,"date":"2021-04-19T07:40:00","date_gmt":"2021-04-19T06:40:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=6611"},"modified":"2021-04-19T13:26:40","modified_gmt":"2021-04-19T12:26:40","slug":"eurusd-technical-analysis-data-driven","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-data-driven\/","title":{"rendered":"EURUSD Technical Analysis &#8211; Data driven"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6611\" class=\"elementor elementor-6611\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8f4aed7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8f4aed7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-39607bf\" data-id=\"39607bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d058fec elementor-widget elementor-widget-text-editor\" data-id=\"d058fec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The euro currency is set for a big week on the currency market over the coming days, as the European Central Bank delivers an important rate decision, and the release of April preliminary PMI manufacturing data is also set to drop.<\/p><p>Last week the <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">EURUSD<\/a> pair posted its second consecutive positive trading week and broke above its 200-day moving average. The dynamics have clearly changed in that selling pressure has subsided and traders are now buying any dips.<\/p><p>What I find strange is that the <a href=\"https:\/\/bit.ly\/3eIXPz1\" target=\"_blank\" rel=\"noopener\">US dollar<\/a> is not moving higher when data outperforms, and the traders and investors are not worried about the United States economy far outpacing Europe in terms of growth at the moment.<\/p><p>Something else that has been underpinning euro strength is the <a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\" rel=\"noopener\">EURGBP<\/a> pair. However, sterling looks to have found a price floor last week, and optimism towards the UK economy is high, so that trade could start to unwind at any time, and place stress back on the EURUSD pair.<\/p><p>Getting back to the data, the ECB would need to talk down the single currency this week in order to spark a strong bearish reaction in the EURUSD, and EU PMI data would need to turn down significantly to change the markets mood towards the EURUSD.<\/p><p>As always the German manufacturing PMI will be key. Traders and investors often forgive weakening EU PMI data as long as the German PMI is showing strong growth. Germany remains the engine behind the entire EU economy as always.<\/p><p>Looking at retail sentiment a major sentiment shift has happened since last week, which is a potential red flag for bulls. Negative sentiment has increased to 75 percent now, which is big change from 55 percent bearish just five days ago.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fff0460 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fff0460\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e24ddab\" data-id=\"e24ddab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fd7e97c elementor-widget elementor-widget-image\" data-id=\"fd7e97c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"298\" height=\"115\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/EURUSD-CHART-3.png\" class=\"attachment-large size-large wp-image-6625\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d205f5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d205f5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-33b6674\" data-id=\"33b6674\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf513d2 elementor-widget elementor-widget-text-editor\" data-id=\"bf513d2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Watch out for further losses in the EURUSD pair while sentiment remains this bearish. Historically, extreme negative sentiment has not been a friend to euro bulls.<\/p><p><strong>EURUSD Short-Term Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that an inverted head and shoulders pattern remains the central focus of short-term traders. A sustained break above the 1.1890 level is currently needed to ignite the bullish price pattern.<\/p><p>Watch out for a move towards the 1.2060, and possibly the 1.2100 area if the pattern gets ignited this week. With bearish sentiment so high, a third week of gains is not outside the realm of possibility.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8d92ed5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8d92ed5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ca1af9f\" data-id=\"ca1af9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6fb4fc5 elementor-widget elementor-widget-image\" data-id=\"6fb4fc5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"343\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/EURUSD-4H-2.png\" class=\"attachment-large size-large wp-image-6626\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-027459c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"027459c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-09652a4\" data-id=\"09652a4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1c8a582 elementor-widget elementor-widget-text-editor\" data-id=\"1c8a582\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-27183dc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"27183dc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2cb2ae9\" data-id=\"2cb2ae9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ddcfac elementor-widget elementor-widget-text-editor\" data-id=\"6ddcfac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>EURUSD Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time chart, a large price pattern and Fibonacci analysis are leading the way. Starting to Fibonacci analysis, the price is holding above the 50 percent Fibonacci retracement of the current yearly low to the February swing-high, around 1.2100.<\/p><p>Bulls are therefore likely to test towards the 61.8 Fibonacci retracement level, around the 1.2030 level. A further breakout above the 1.2030 resistance level could lead to a rally towards the 1.2100 region.<\/p><p>Price pattern analysis also shows the presence of a descending broadening wedge pattern. It should be noted that this is a bullish reversal pattern. The top of the wedge pattern is a potential target, around 1.2130. A break above the pattern could see the EURUSD pair exploding to new highs.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8562979 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8562979\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fb7d26d\" data-id=\"fb7d26d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e692dd3 elementor-widget elementor-widget-image\" data-id=\"e692dd3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"348\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/EURUSD-1D-3.png\" class=\"attachment-large size-large wp-image-6627\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d981ae7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d981ae7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6e30ce\" data-id=\"f6e30ce\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d48589f elementor-widget elementor-widget-text-editor\" data-id=\"d48589f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The euro currency is set for a big week on the currency market over the coming days, as the European Central Bank delivers an important rate decision, and the release of April preliminary PMI manufacturing data is also set to drop. Last week the EURUSD pair posted its second consecutive positive trading week and broke [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[54,266,24,18,67],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EURUSD Technical Analysis - Data driven - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-data-driven\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EURUSD Technical Analysis - Data driven\" \/>\n<meta property=\"og:description\" content=\"The euro currency is set for a big week on the currency market over the coming days, as the European Central Bank delivers an important rate decision, and the release of April preliminary PMI manufacturing data is also set to drop. Last week the EURUSD pair posted its second consecutive positive trading week and broke [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-data-driven\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T06:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-19T12:26:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/photo-1580067319115-42124a255c57.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"529\" \/>\n\t<meta property=\"og:image:height\" content=\"317\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-data-driven\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-data-driven\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"EURUSD Technical Analysis &#8211; 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