empty
 
 
30.04.2019 01:09 AM
EUR/USD. April 29th. Results of the day. Macroeconomic reports did not cause a reaction, the pair stands still

4-hour timeframe

This image is no longer relevant

The amplitude of the last 5 days (high-low): 27p - 69p - 84p - 45p - 63p.

Average amplitude for the last 5 days: 58p (45p).

The first trading day of the week was very predictable. The volatility is minimal, there is no intraday trend, the correction is maintained. In the morning we noted that reports on changes in the volumes of personal incomes and spending of the US population in March are certainly interesting, but they are not strong. Unfortunately, the markets also did not find them particularly interesting, and there was no reaction. In addition to these data, nothing of interest in the fundamental plan has happened today. Thus, the correction in a very sluggish manner can continue with its target of the critical line. From a technical point of view, this is the most likely option now, and the pair's fate in the coming days will be decided near the critical line. The price rebound from this line will trigger the resumption of the downward movement. Overcoming - will change the instrument's trend into an upward one for a while. The pair's volatility could slightly increase tomorrow, since several interesting macroeconomic reports will be published. First, we are talking about the eurozone's GDP for the first quarter, but only of a preliminary value. However, the same indicator for the United States caused a market reaction last week , so we are entitled to expect no stronger movements tomorrow than today. Secondly, there will be a report on unemployment in the euro area, which will have less impact on the pair, but is also interesting. And, of course, everything will depend on how strong these reports are. Weak reports can send the euro to reach new lows.

Trading recommendations:

The EUR/USD pair continues to adjust, as indicated by the MACD indicator. Thus, sell orders with targets of 1.1096 and 1.1082 are still relevant, but it is recommended to open these positions in the event that the MACD indicator moves down or after a rebound from the critical line.

It is recommended to consider buy orders in small lots with targets of levels 1.1213 and 1.1234 not earlier than the price consolidating above the critical line. In this case, the initiative will go into the hands of bulls for quite some time.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanation of the illustration:

Ichimoku indicator:

Tenkan-sen - the red line.

Kijun-sen - the blue line.

Senkou Span A - light brown dotted line.

Senkou Span B - light purple dotted line.

Chikou Span - green line.

Bollinger Bands indicator:

3 yellow lines.

MACD Indicator:

Red line and histogram with white bars in the indicator window.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback