EUR/USD is on the back foot, trading around 1.1200, at two-week lows. Traders are returning from the long Easter weekend. US New Home Sales beat with 692K while euro-zone Consumer Confidence missed with -7.9.
GBP/USD is trading below 1.2950 after hitting the lowest levels since February 19th. The USD is gaining ground after the Easter break. Cross-party talks continue and there are reports that some Conservative MPs are plotting to oust PM May.
Gold finally broke down of its three-day-old consolidative trading range and tumbled to near four-month lows, farther below $1270 level in the last hour.
Most of the top 20 cryptocurrencies by market cap are solidly in green at press time, with tezos (XTZ) having jumped more than 12% over the past 24 hours. On the other hand, binance coin (BNB) and bitcoin SV (BSV) tumbled around 2.7% and 1.2%, respectively.
After defending the support congestion zone at $5,200 over the last weekend session, Bitcoin corrected higher above the 23.6% Fib retracement level taken between the last upswing high of $5,632.52 and a low of $5,288.88.
XRP/USD has not been able to recover to highs traded in the first week of April in spite of both the technical and fundamental levels staying positive. On the contrary, the price has been correcting lower from the April high around $0.3803 (swing high) and even explored the lows around $0.3136.
Cryptocurrency market update: Bullish wave in action – Bitcoin zooms to 2019 high, Ripple and Ethereum react
The bulls have had their field day following a day of consolidation. Cryptocurrencies corrected slightly lower over the weekend but the losses were protected at the key support congestions, for example, Bitcoin at $5,200, Ethereum $170 and Ripple above $0.32.
German economic slowdown weighing on the Union, ECB's stimulus more than justified
Indecisive market's behavior at the beginning of the week got sort of a definition Thursday, with the EU Markit preliminary PMI for April. The reports indicated that business activity bounced from March's collapse, but not enough. The index for the German's manufacturing sector barely recovered from a multi-year low and remained well into contraction territory.
EUR/USD enjoyed a recovery of sorts during the Easter weekend, reaching 1.1250 and staying away from 1.1200. What's next? The next moves to the upside may be limited.
The Technical Confluences Indicator shows that the pair is struggling around 1.1250 where we see the convergence of the Bollinger Band 15min-Lower, the Fibonacci 61.8% one-day, the Fibonacci 23.6% one-week, the previous 1h-low, the BB 1d-Middle, the Simple Moving Average 5-15m, and more.
The next cap is quite close. At 1.1285, EUR/USD faces the juncture of the Pivot Point one-day Resistance 2, the Fibonacci 61.8% one-week, the BB 4h-Upper, the SMA 200-1h, and the Fibonacci 38.2% one-month.
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