The EUR/USD pair gapped up at Monday's open, triggering a bullish rally throughout the Asian trading session, with the market rallying 40 pips from the session's low. In terms of price action, the market broke above the key resistance level at the recent swing high, which had formed a double top. This breakout strongly confirms a bullish reversal.
Additionally, the EMA 50 and EMA 200 have formed a golden cross on the 1-hour time frame, further confirming the bullish reversal. The market is trading above the value zone, indicating high demand for the Euro. The Ichimoku indicator shows the Kijun Sen, Chikou Span, and Tenkan Sen lines floating above the cloud, suggesting a strong bullish trend.
The RSI has entered the bullish zone and is currently in the overbought territory, which may suggest a potential halt and pullback during the European or New York session. The MACD's signal line is above the zero line, and if the histogram crosses below the signal line, it may provide an early indication of a bullish pullback.
Traders are closely watching the gap up as a key level of support. If the market does not close the gap today, it would strongly indicate a very bullish market.
| Time | Currency | Event | Impact | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 06:00 | AUD | Judo Bank Manufacturing PMI Final | Medium | 47.2 | 47.5 | 47.5 |
| 06:50 | JPY | Tankan Large Manufacturers Index | High | 13 | 12 | 11 |
| 07:00 | EUR | ECB Forum on Central Banking | Medium | |||
| 07:30 | JPY | Jibun Bank Manufacturing PMI Final | Medium | 50 | 50.1 | 50.4 |
| 08:45 | CNY | Caixin Manufacturing PMI | High | 51.8 | 51.2 | 51.7 |
| 12:00 | JPY | Consumer Confidence | High | 36.4 | 36.5 | 36.2 |
| 13:00 | GBP | Nationwide Housing Prices MoM | Medium | 0% | 0.4% | |
| 13:00 | GBP | Nationwide Housing Prices YoY | Medium | 1.5% | 1.3% | |
| 13:30 | CHF | Retail Sales YoY | Medium | 2.5% | 2.7% | |
| 14:15 | EUR | HCOB Manufacturing PMI | Medium | 53.5 | 54 | |
| 14:45 | EUR | HCOB Manufacturing PMI | Medium | 44.5 | 45.6 | |
| 14:50 | EUR | HCOB Manufacturing PMI Final | High | 45.3 | 46.4 | |
| 14:55 | EUR | HCOB Manufacturing PMI Final | High | 43.4 | 45.4 | |
| 15:00 | EUR | HCOB Manufacturing PMI Final | Medium | 45.6 | 47.3 | |
| 15:30 | GBP | BoE Consumer Credit | Medium | £1.3B | £0.73B | |
| 15:30 | GBP | Mortgage Lending | Medium | £1.1B | £2.41B | |
| 15:30 | GBP | Mortgage Approvals | Medium | 61K | 61.14K | |
| 15:30 | GBP | S&P Global Manufacturing PMI Final | Medium | 51.4 | 51.2 | |
| 19:00 | EUR | Inflation Rate YoY Prel | High | 2.3% | 2.4% | |
| 19:00 | EUR | Inflation Rate MoM Prel | Medium | 0.2% | 0.1% | |
| 20:45 | USD | S&P Global Manufacturing PMI Final | Medium | 51.7 | 51.3 | |
| 21:00 | USD | ISM Manufacturing PMI | High | 49 | 48.7 | |
| 21:00 | USD | ISM Manufacturing Employment | Medium | 51 | 51.1 |
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