ACT Markets > Blog > Financial Market > The EUR/USD Recovering Gains Massively, Next is The ECB’s President Speech Christian Lagarde

The EUR/USD Recovering Gains Massively, Next is The ECB’s President Speech Christian Lagarde

April 17, 2023 Financial Market

Key Take-Aways

  • The price of EUR/USD projected profit above 1.10500 before the decline
  • On the 4-hour chart, signs of gains are building up
  • Before hitting resistance, the GBP/USD chart soared above 1.2540
  • Above $80, the price of crude oil entered a phase of consolidation.

Technical Analysis of The EUR/USD

Near the 1.0980, the EUR/USD overcame numerous obstacles to enter a positive zone. The 1.0800 support region marked the beginning of another rise.

On the 4-hour chart, the pair picked up speed following its breakout of the 1.08900 obstacle. The price resolved above 1.0900, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (red, 4 hours).

Further upside potential holds strong as bullish sentiment prices into the market. However, if it declines, it would test the 1.08500 zone before correcting gains higher.

For GBP/USD, the price jumped above the 1.2500 resistance zone followed by a short-term downside.

Today’s Economic Release

  • Empire State Manufacturing Index
  • The ECB President Lagarde’s speech
Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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