Forecast for EUR/USD on May 3, 2023
May 3, 2023 5:24 amVideo
Latest News
- EUR/USD: Waiting for price turbulence April 9, 2024
- Technical Analysis – EURUSD remains above SMAs with weak momentum April 9, 2024
- BoC to put June rate-cut on the map-tentatively – Preview April 9, 2024
- Forex forecast 04/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga April 9, 2024
- Video market update for April 09, 2024 April 9, 2024
- Technical Analysis – EURJPY rises towards 16-year high April 9, 2024
- Market Comment – Gold shines bright, yen knocks on intervention door April 9, 2024
- Technical Analysis – AUDUSD steady after several sessions of gains April 9, 2024
- Technical Analysis – GBPUSD capped by 50-day SMA April 9, 2024
- Trading plan for GBP/USD on April 9. Simple tips for beginners April 9, 2024
- Trading plan for EUR/USD on April 9. Simple tips for beginners April 9, 2024
- Forecast for EUR/USD on April 9, 2024 April 9, 2024
- Forecast for GBP/USD on April 9, 2024 April 9, 2024
- Forecast for USD/JPY on April 9, 2024 April 9, 2024
- EUR/USD and GBP/USD: Technical analysis on April 9 April 9, 2024
- Bitcoin: Target for this bull cycle is $300,000 April 8, 2024
- The dollar has laid out its trump cards, it’s now the euro’s turn April 8, 2024
- GBP/USD. Analysis for April 8th. The pound remains expensive despite everything April 8, 2024
- Could the ECB adopt its June 2022 playbook and preannounce a rate cut? – Preview April 8, 2024
- Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray – symmetrical triangle) April 8, 2024
EUR/USD
On Tuesday, the euro rose by 28 points, as the volume of industrial orders in the US increased by 0.9% in March, against an expected 1.1%, and the labor market’s assessment of open vacancies for March shrank to 9.59 million from the previous 9.97 million. In my opinion, investors did not take one thing into consideration – yesterday, the Reserve Bank of Australia raised the rate from 3.60% to 3.85% amid overall market confidence in maintaining the rate at the previous level. Such a decision indirectly indicates a likely tough stance in today’s Fed meeting. That is, when raising the rate by the expected 0.25%, the Committee may not announce the anticipated pause in the rate hike cycle. Investors also hardly reacted yesterday to the decline in core inflation (CPI) in the euro area itself from 5.7% YoY to 5.6% YoY, which may soften the European Central Bank’s stance.
For now, the euro is approaching the target level of 1.1033. Crossing the resistance level may extend growth to the upper limit of the price channel at 1.1082. Breaking through the channel will open the target at 1.1185.
According to the main scenario, I expect the price to fall to the MACD line on the daily chart at 1.0910 (April 17th low), and then to the support level at 1.0804 (February 14th high).
On the four-hour chart, the price managed to rise above the MACD indicator line, and the Marlin oscillator moved into the growth zone. The local growth may turn out to be false, as well as the decline preceding it. We are waiting for the Fed’s decision on monetary policy.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: