Daily Technical Analysis April 2nd 2024

1. EUR/USD Analysis:
News Summary:
While Europe's economic growth has stalled since late 2022, recent business surveys suggest the outlook is improving. Meanwhile, job creation remains strong in both Europe and the United States, and wage growth remains high, in part due to tight labour markets. Wage is an important factor in service price inflation in the euro zone, which has been growing at an annualized rate of 4% since November.

Trend Analysis:
We can see EUR/USD fluctuated downwards and ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column expands under the zero axis. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.0650]
Key Resistance Levels: [1.0800]
Pivot Points [1.0760]

2. GBP/USD Analysis:

News Summary:
There was little good news in the UK's GDP data, with the country eking growth in 2023 coming from increases in population and government spending, a senior economist at HSBC said. The only positive side may be that the threshold for improvement is very low. If GDP per capita falls by 1.7% compared with the first quarter of 2022 and consumer spending is 1.9% lower than before the epidemic, then a slight rebound in the economy from now on is certainly not too hard.

Trend Analysis:
We can see GBP/USD is oscillating at a low level and is still running below the 48 hours moving average on H4 chart. Moreover, the MACD double line and histogram bar is expanding below the zero axis. The sell limit could be placed, stop loss is compulsory.

Today's Key Price Levels:
Key Support Levels: [1.2470]
Key Resistance Levels: [1.2630]
Pivot Points [1.2570]

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