Euro has been in a narrow consolidation for a week.
Technically, the movement is under the highs, signaling the start of a new upward surge.
Key reports on the US economy will also be released this week, with the most important one being the Q1 GDP report.
The forecasts are quite strong, and the data could even cause the Fed to firmly pursue a hawkish stance.
The PCE inflation report for March is also due on Friday, wherein a high inflation is likely to prompt a massive correction in both the US and euro markets.
Still, there will be a sharp rise in euro first, possibly up to 1.1140-1.1200. Afterwards, a reversal will happen.
Based on this, it is best to hold long positions up to 1.1140.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD
Euro has been in a narrow consolidation for a week.
Technically, the movement is under the highs, signaling the start of a new upward surge.
Key reports on the US economy will also be released this week, with the most important one being the Q1 GDP report.
The forecasts are quite strong, and the data could even cause the Fed to firmly pursue a hawkish stance.
The PCE inflation report for March is also due on Friday, wherein a high inflation is likely to prompt a massive correction in both the US and euro markets.
Still, there will be a sharp rise in euro first, possibly up to 1.1140-1.1200. Afterwards, a reversal will happen.
Based on this, it is best to hold long positions up to 1.1140.
The material has been provided by InstaForex Company – www.instaforex.com
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