Chart 1 Source: Tradingview May 08 2023 6:18 UTC
Market Talk
- EUR/USD upside trend appears to remain intact; Euro strength prevailing after ECB hiked rates for the seventh consecutive time; EUR/USD 1.1130s in sight, downside risk spotted near the 1.0940s
- Technical traders could view Crude oil prices as “oversold; Brent crude finds price support near the $71.30s; although the upside prospects have improved, downside risk remains with $62.40s as potential next key support to be tested
- Gold price higher on strong demand from China; China’s export growth is forecasted to slow which could add downside pressure for the Chinese Yuan, hence the increased gold demand from China
Source: TradingView / World Gold Council May 8 2023 7:15 UTC
China exports data due tomorrow at 03:00 AM UTC
Forecast to fall; previous 14.8%, forecast 8%
Source: Trading View May 8 2023 6:39 UTC
Today’s economic calendar
Source: TradingView / J. Knobel May 08 2023 5:52 UTC
Today’s trading bullets
EUR/USD technical signals indicate uptrend remains
- EUR/USD (daily chart) current price 1.10432 and is above its 9 and 18 day moving averages (bullish), MACD is above equilibrium (bullish), relative strength above 50 (bullish), downside risk spotted near the key support and uptrend intersect (see chart 1) at 1.0940. Long positions could be technically supported for 1.1095, 1.1130, and 1.1225 extensions. Downside risk below 1.0940.
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Not investment advice. Past performance does not guarantee or predict future performance.
