Eur/Usd Outlook April 2-9

The manufacturing PMIs showed strong gains in March, with global index rising 1.3 pts to 56.7. The March reading delivered a new high for the expansion and is just a point below the series high dating back to 1998. The output and orders components of the global PMI rose to near 59, consistent with robust growth in global factory production in the near-term of at least 7% annualized.

U.S. employers added 162,000 jobs in March, the largest gain since 2007. But nearly one-third came from temporary hiring for the Census. The unemployment rate was steady at 9.7%. US is in a slow recovery mood. Dollar gaining momentum.

EUR/USD in a downward channel since december. If you look at the daily chart you can see that EUR/USD hit resistance near 1.36 and then fell. We think at this point 1.36 is a strong resistance for Euro. If it break that then it can go up 1.38 March 17th. high. As per daily chart, the next support can be at 1.3250.
Looking at next week calender, all European banks are closed on Monday and there are no ecomomic news due for Euro. Only important news for Euro will be Germany factory orders. Which is due on Wednesday.
Overall, Euro still holding bearish sentiment going to next week.
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