The EURUSD, GBPUSD, and DXY Value Outlook: Dollar Index Rises Over $104 mark – Further Gains Likely Before the Weekend.

Key Highlights

Germany’s imports continue to decline signaling a recession in the Eurozone; EURUSD trades at 1.08324 mark.

British GfK consumer trust and stable sales at retail demonstrate resiliency; GBPUSD around 1.26424 level

The DXY climb to 104.223 mark shows positive optimism, spurred by impending U.S Fed & FOMC speakers.

The market Fundamental Snapshot

The EURUSD is presently trading at 1.08324 mark while the GBPUSD stands at 1.26424 level. Following fresh economic news reports. Particularly, Germany’s imports stayed unchanged at 0.0 percent, lacking the prediction of -0.4 percent. With the preceding -1.0 percent, showing a lack of growth in Europe.

On the contrary, British GfK optimism index fell to -21, matching predictions with prior assessments. But the retail sales index surprisingly remained unchanged at zero percent, compared to an anticipated -0.4 percent. With a preceding 3.6 percent, demonstrating consumer expenditure persistence.

The EURUSD Technical Analysis

The EURUSD cross fell slightly, dropping 0.25 percent to 1.08324. Located close under the pivotal level of 1.0866 mark. the duo is showing a downward trajectory in the near future. The levels of resistance have been found around 1.09027, 1.09397, then 1.09814. Signifying regions wherein the upward trend may encounter obstacles.

Source: TradingView

Supporting is seen at lower points, beginning with 1.0822 & continuing to 1.0797 then 1.0765 mark. That may give some protection versus additional falls. The 50 D-EMA on 1.0885 with the 200 day- EMA near 1.0864 mark show a very competitive marketplace.

Hence, the general market mood for EURUSD continues negative under the 1.08668 level. Alongside the possibility of a positive move if it crosses this key mark.

US DXY Technical Analysis

On the 22nd of March the DXY rose 0.24 percent to 104.22 level. This rising surge takes it over the crucial threshold of 103.619 area implying a positive tendency in the near future. Potential levels of resistance are shown around 104.281, 104.667, then 104.978 mark, that may impede future advances.

Supporting marks in 103.166, 102.766, & 102.359 marks. On the other hand, signal the point at which prospective falls might come to an end. The two the 50 and 200 D-EMAs are hovering near 103.56, implying a hotly fought situation.

Source: TradingView

As a result, the U.S. DXY’s tendency stays positive over 103.619, and a drop beneath this level probably signifying a transition to a negative direction.

GBPUSD Technical Analysis

The value of the GBP falls to a new 2-week bottom at 1.2600 amid a pessimistic market outlook. The GBPUSD duo’s short-term interest has weakened after falling beneath the 100 D-EMA. That is now trading at 1.2635 mark. The unit is predicted to discover some padding around its horizontal supporting line drawn at the 13th of Dec bottom of 1.2500 level.

The 14-time frame RSI has fallen to 40.00 area. Should the reading of the RSI continue to fall, negative trend will develop.

Technical Indicators & Signals (Daily)

EURUSD

GBPUSD