EUR/USD Forex Signal Today 28/04: Resume Uptrend (Chart)

(MENAFN- Daily Forex) Bearish view

• Sell the EUR/USD pair and set a take-profit at 1.1210.
• Add a stop-loss at 1.1500.
• Timeline: 1-2 days.

Bullish view

• Buy the EUR/USD pair and set a take-profit at 1.1500.
• Add a stop-loss at 1.1210.

The EUR/USD exchange rate retreated last week as the recent bull run took a breather after Trump softened his heart. After rising to a high of 1.1575 on Monday last week, it dropped to a low of 1.1365 as the US dollar index approached $100 economic data ahead

The EUR/USD exchange rate will be influenced by several key catalysts this week. The first most important catalyst will be the US Consumer Confidence figure on Tuesday.

Economists expect the data to show that the US consumer confidence fell from 92.9 in March to 88.5 in April. If the report is accurate, it will mean that the figure has dropped by over 20 points since January,

Falling consumer confidence is an important red flag because of it means that many of them will often start cutting back their spending. Weak consumer spending usually leads to a recession since they are the biggest parts of the economy.

The other key catalyst for the EUR/USD pair will be Tuesday's housing price and JOLT job openings and cuts data. The latter will be crucial as it comes ahead of the nonfarm payrolls (NFP) data scheduled on Friday.

Meanwhile, from Europe, the key data to watch on Tuesday will be the latest consumer and business confidence. Economists expect the report to reveal that the consumer confidence fell from minus 14.7 in March to minus 16.7 in April.

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Europe has handled Trump's trade war more effectively than China by focusing on negotiations rather than confrontations. As a result, European stock indices like the DAX Index, CAC 40, and Stoxx 50 have bounced back and are nearing their all-time levels.

The other key EUR/USD news will be released on Thursday, when the US publishes its first estimate of GDP data. Economists expect the data to show that the economy expanded by 0.5% in Q1, down from 2.4% in the previous quarter.

EURUSD Chart by TradingViewEUR/USD technical analysis

The daily chart shows that the EUR/USD exchange rate has pulled back from this month's high of 1.1575 to the current 1.1363. It remains above the important resistance level at 1.1212, the upper side of the cup and handle pattern, a popular continuation sign.

The pair also sits above the 50-day and 100-day moving averages, while the Relative Strength Index and the MACD have pointed downwards. The most likely scenario is where it drops and retests the support at 1.1212, and then resumes the uptrend. This pattern is known as a beak-and-retest, and is usually a good continuation sign.

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