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Forex: EUR/USD pressured ahead of EMU and US data

FXstreet.com (Barcelona) - The EUR/USD is pressuring the downside as the EMU consumer confidence is due and the US National Association of Realtors gets ready to publish March existing home sales at 14:00 GMT. The pair is already down to 1.3021 low, -0.21% on the day.

US Chicago Fed National Activity Index fell from 0.76 to -0.23 in March. The February figure was revised higher from 0.44. Consumer confidence in the EMU is expected to drop from -23.50 to -23.85 in April.

“The EUR/USD currency pair is trying to form an ascending structure to continue its correctional movement”, wrote Roboforex.com analyst Igor Sayadov. “We think, today the price may form another descending structure to reach the level of 1.2940. This structure will help us to define future scenario”, he added, expecting a fifth descending wave with the target at 1.2700.

American equity markets open cautiously

The US stock market opened cautiously Monday, ahead of US housing data. Earlier today however in the United States, the Chicago Fed National Activity Index (March) came in at -0.23, compared to a figure of 0.76 previously. Later today, investors will mull housing data at 14:00 GMT.
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