04.05.202114:42 Forex Analysis & Reviews: EUR/USD Hot Forecast for 4th May, 2021

Exchange Rates 04.05.2021 analysis

EUR/USD quickly reversed Monday's uptick and re-shifts the attention to the downside, particularly to the key 1.2000 neighbourhood. The continuation of the leg lower is seen meeting the initial support at 1.200 psychological round figure mark. Below the 1.200 level, stance for EUR/USD is seen shifting to negative.

On the flip side , the development of MACD indicator (bearish divergence) hints at swelling downside momentum. That was a clear separator of ranges last month. It is followed by 1.1950, 1.1930, and then 1.1860. Some resistance is at 1.2070, a significant support resistance line from last week, and then 1.2110, both swing highs on the way up. The April peak of 1.2150 is the next level to watch.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jan Novotny,
Analytical expert
InstaForex Group © 2007-2021
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