Site map
العربية Български 中文 Čeština English Français Deutsch हिन्दी Bahasa Indonesia Italiano Bahasa Malay اردو Polski Português Română Русский Srpski Slovenský Español ไทย Nederlands Українська Vietnamese বাংলা Ўзбекча O'zbekcha Қазақша

InstaForex Client Area

  • Personal settings
  • Access to all InstaForex services
  • Detailed statistics and reports on trades
  • Full range of financial transactions
  • System of managing several accounts
  • Maximum data protection

InstaForex Partner Area

  • Full information on clients and commissions
  • Graphic statistics on accounts and clicks
  • Webmaster instruments
  • Ready-made web solutions and wide range of banners
  • High data protection level
  • Company's news, RSS feeds, and forex informers
Register
cabinet icon

InstaForex – always at the forefront!Open a trading account and become a part of the InstaForex Loprais Team!

Success history of the team headed by Ales Loprais can become your success history! Trade confidently and head towards leadership like regular participant of Dakar Rally and winner of Silk Way Rally InstaForex Loprais Team does it!

Join in and win with InstaForex!

Instant account opening

Get a letter of instructions
toolbar icon

Trading Platform

For mobile devices

For trading via browser

EUR/USD – 1H.

Exchange Rates 10.04.2020 analysis

Hello, traders! As seen on the hourly chart on Thursday, the EUR/USD pair performed a new reversal in favor of the European currency and resumed the growth. And this reversal gave the opportunity to build a new upward trend line, which now determines the mood of traders more reliably as "bullish". Fixing the pair's exchange rate under the trend line will work in favor of the US dollar and significantly increase the pair's chances of resuming the fall in quotes. There were a few economic reports yesterday. However, late in the evening, even at night, it became known that the Eurogroup managed to agree on a package of assistance to the European economy for 540 billion euros. Also, an absolute surprise was the agreement of a new package of assistance to the American economy from the Fed of 2.3 trillion dollars. Both packages will be designed to help small and medium-sized businesses, as well as workers who are experiencing hard times due to the coronavirus pandemic, as well as national quarantine.

EUR/USD – 4H.

Exchange Rates 10.04.2020 analysis

As seen on the 4-hour chart, the EUR/USD pair performed a double rebound from the corrective level of 23.6% (1.0840) and a reversal in favor of the British currency. A new growth process has started in the direction of the corrective level of 38.2% (1.0964). The rebound of the pair's quotes from this Fibo level will work in favor of the US currency and some drop in the quotes in the direction of the corrective level of 23.6%. Also yesterday, a bearish divergence was formed in the CCI indicator, which also allows traders to count on a reversal in favor of the US dollar. Closing the pair's rate above the divergence peak and the Fibo level of 38.2% will increase the probability of continuing growth towards the next corrective level of 50.0% (1.1065).

EUR/USD – Daily.

Exchange Rates 10.04.2020 analysis

On the daily chart, the EUR/USD pair also continues to grow in the direction of the corrective level of 38.2% (1.0965) and also risks a rebound from this level. The picture remains identical to the 4-hour chart, since the same grid of Fibo levels is in effect.

EUR/USD – Weekly.

Exchange Rates 10.04.2020 analysis

On the weekly chart, the EUR/USD pair continues to trade near the lower line of the "narrowing triangle". The rebound of quotes from the lower line of the "triangle" allows traders to count on the growth of quotes in the long term in the direction of the level of 1.1600 (the upper line of the "triangle"). However, closing under the "triangle" will work in favor of the US currency and, possibly, a new long fall.

Overview of fundamentals:

On April 9, economic news was not in favor of the US dollar. I have already mentioned the Fed's $ 2.3 trillion measures. In addition, the number of initial applications for unemployment benefits was 6.6 million in addition to the 10 million of the previous two weeks, and the head of the Federal Reserve Jerome Powell said yesterday that interest rates will remain low until the US economy begins to recover.

News calendar for the United States and the European Union:

EU - Good Friday.

USA - consumer price index (14:30 GMT).

USA - consumer price index excluding food and energy prices (14:30 GMT).

On April 10, the EU news calendar again does not contain anything interesting, since good Friday is celebrated in Europe today. In America, an important inflation indicator for March will be released today.

COT (Commitments of Traders) report:

Exchange Rates 10.04.2020 analysis

The latest COT report showed an even reduction in the number of long and short contracts among major market players. The advantage is small for short-contracts, there are 27,000 more of them. However, speculators have recently been actively reducing sales of the euro, which gives hope for continued growth. Today, a new COT report will be released, as always with a 3-day delay, and we will see whether the trend of getting rid of short contracts by the "Non-commercial" group will continue. If so, the chances of the planned growth of the euro will increase.

Forecast for EUR/USD and recommendations for traders:

Now I recommend being careful with the new sales of the euro, as there are no signals yet. I also recommend closing yesterday's purchases, as there is a bearish divergence on the 4-hour chart. I recommend selling the euro again when the quotes fall back from the level of 38.2% (1.0964) with the target of 1.0840. I recommend buying the pair at the close above the level of 38.2% with a target of 1.1065.

Terms:

"Non-commercial" - major market players: banks, hedge funds, investment funds, private, large investors.

"Commercial" - commercial enterprises, firms, banks, corporations, companies that buy currency to ensure current activities or export-import operations.

"Non-reportable positions" - small traders who do not have a significant impact on the price.

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

Performed by Samir Klishi,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Close
Widget calback
Our specialist
will call you back
in five minutes
We will navigate you
through the website and
answer all your questions!
Preferred Type of Connection
Preferred language
  • English
  • Русский
  • العربية
  • Bahasa Indonesia
  • Bahasa Melayu
  • বাংলা
  • Български
  • 中文
  • Español
  • हिन्दी
  • Asụsụ Igbo
  • Português
  • اردو
  • ไทย
  • Українська
  • Tiếng Việt
  • Èdè Yorùbá
A call-back request was accepted.
Our specialists will contact you as soon as possible.
An error occurred.
Please try again later.
Can't speak right now?
Ask your question in the chat.