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Technical analysis recommendations for EUR/USD and GBP/USD on April 1

Economic calendar (Universal time)

Among the important events of today's economic calendar are:

7:55 index of business activity in the manufacturing sector in Germany,

8:30 index of business activity in the manufacturing sector of the UK,

12:15 change in the number of people employed in the non-agricultural sector of the USA,

14:00 index of business activity in the US manufacturing sector,

14:30 US crude oil reserves.

EUR / USD

Exchange Rates 01.04.2020 analysis

The players to increase managed to hold the situation and closed March with the High Wave candle, which is close to the Doji in this performance. The market stopped in thought, finding a certain equilibrium point after some large-scale movements. Most likely, April will be held within the boundaries indicated by March and will not bring new extreme values. This is perhaps the best option at this stage. The situation of uncertainty and reflection will restrain the euro during global showdowns and artificial chaos. Can the euro (Europe) survive or, once again, bend deeper? The further development of the situation will depend on the answer to this question.

Exchange Rates 01.04.2020 analysis

At the moment, the struggle continues in the lower halves to hold a weekly long-term trend. Developing below the moving average and its reversal will allow players to lower to implement new plans for the development of a downward trend on H1. Supporting points of the classic Pivot levels S1 (1.0958) - S2 (1.0879) - S3 (1.0832) serve today as downward reference points within the day. The impossibility of long-term work under the key levels, which are united today in the region of 1.1005 - 1.0999 (central Pivot level + weekly long-term trend), and as a result, consolidation of the above reference points will lead to the restoration of players' positions for increase and new bullish prospects. The closest bullish reference in this case will be the maximum extreme of 1.1147.

GBP / USD

Exchange Rates 01.04.2020 analysis

The strength of the resistance met did not allow the players to increase to close March more optimistically. However, a complete recovery of the downward trend did not take place. Despite the fact that a new historical low of the pair is indicated, only a long lower shadow of the monthly candle is cast towards the downtrend. I think that the main attention and forces in April will be aimed at maintaining this alignment and keeping the situation from further decline. Today, support remains in place - 1.2310 - 1.2213 - 1.2094 - 1.1947 - 1.1600 - 1.1388. Resistance also remains at the same places - 1.2470 - 1.2543 - 1.2670-1.2711 - 1.2893.

Exchange Rates 01.04.2020 analysis

In the lower halves, the pair is in lateral movement, which was developed in the correction zone of H1. To exit the correction zone and resume the upward movement, it is necessary to confidently overcome the resistance of the maximum correction extremum (1.2484). For the appearance of bearish plans and guidelines in the current situation, it is necessary to securely fixate below the weekly long-term trend which is located today at 1.2225, and deploy a moving.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

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

Performed by David Bale,
Analytical expert
InstaForex Group © 2007-2020
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