Currency Market Update: Economic Indicators and Market Outlook for EUR/USD and GBP/USD

Amid recent economic data releases, the EUR/USD stands at 1.08324, while the GBP/USD is at 1.26424. Notably, German Import Prices remained stagnant at 0.0%, missing the forecast of -0.4%, signaling economic stagnation in the Eurozone.

In contrast, the UK’s GfK Consumer Confidence index remained steady at -21, while Retail Sales unexpectedly maintained stability at 0.0%, indicating resilience in consumer spending.

Looking ahead, significant events could impact the market. Fed Chair Powell's speech at the “Fed Listens” event in Washington DC, along with remarks from FOMC members Barr and Bostic, could influence the Dollar Index and, consequently, the EUR/USD and GBP/USD pairs.

In Europe, the German ifo Business Climate is expected at 85.9, slightly above the forecast, alongside speeches by German Buba President Nagel, presenting crucial moments for the EUR/USD pair.

On March 22, the Dollar Index saw a modest increase of 0.24%, reaching 104.223, indicating a short-term bullish trend. Resistance levels are at 104.281, 104.667, and 104.978, with support levels at 103.166, 102.766, and 102.359.

The EUR/USD pair declined by 0.25%, trading at 1.08324, indicating a short-term bearish trend. Resistance levels are at 1.09027, 1.09397, and 1.09814, while support levels are at 1.08223, 1.07976, and 1.07659.

The GBP/USD pair slightly declined by 0.12%, trading at 1.26424, below the pivotal level of 1.26755, suggesting a bearish trend. Resistance levels are at 1.27308, 1.28037, and 1.28643, with support at 1.25996, 1.25524, and 1.25185.

In summary, the market sentiment for EUR/USD and GBP/USD remains bearish below critical levels, with potential for a bullish shift upon surpassing these markers.