Yesterday, American traders fully utilized the thin market moment, pushing the euro down by 53 points – to the lows of April 24-26. Trading volumes were the highest since March 24, so most likely, these were direct sales of the euro. Obviously, this was a preparation for tomorrow’s Federal Reserve rate hike.
Today, the Eurozone manufacturing sector’s business activity index for April will be released, with a decrease expected from 47.3 to 45.5. Eurozone CPI may even rise to 7.0% YoY from the previous 6.9% YoY. In the US, industrial orders in March could show a 1.1% increase. With such data, the euro is unlikely to return to 1.1033. I expect the quote to fall.
The Marlin oscillator has formed a divergence with the price, and its signal line is already in negative territory.
On the four-hour chart, the price has consolidated below the balance and MACD indicator lines, and the Marlin oscillator has further settled in the area of the downtrend. The short-term trend is downward. We are waiting for the price to overcome the MACD line on the daily chart, which coincides with the low of April 17 (1.0910).
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD
Yesterday, American traders fully utilized the thin market moment, pushing the euro down by 53 points – to the lows of April 24-26. Trading volumes were the highest since March 24, so most likely, these were direct sales of the euro. Obviously, this was a preparation for tomorrow’s Federal Reserve rate hike.
Today, the Eurozone manufacturing sector’s business activity index for April will be released, with a decrease expected from 47.3 to 45.5. Eurozone CPI may even rise to 7.0% YoY from the previous 6.9% YoY. In the US, industrial orders in March could show a 1.1% increase. With such data, the euro is unlikely to return to 1.1033. I expect the quote to fall.
The Marlin oscillator has formed a divergence with the price, and its signal line is already in negative territory.
On the four-hour chart, the price has consolidated below the balance and MACD indicator lines, and the Marlin oscillator has further settled in the area of the downtrend. The short-term trend is downward. We are waiting for the price to overcome the MACD line on the daily chart, which coincides with the low of April 17 (1.0910).
The material has been provided by InstaForex Company – www.instaforex.com
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