Hot forecast for EURUSD on 19/04/2023
April 19, 2023 8:27 amVideo
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The single currency managed to recover part of the losses it suffered in the last three trading days. However, the rebound turned out to be quite modest in scale. The pound hindered the euro from rising, as the pound couldn’t rise further due to the results of the UK jobs report. At the same time, weighed down by new macro data from the UK, specifically inflation, the single currency could even return to the levels from which it started at yesterday’s trading. This is because inflation in the UK is expected to edge down, putting pressure on the pound, and through the dollar index, it will pull the euro along with it. Meanwhile, the eurozone inflation report is unlikely to have much impact. After all, we’re talking about final data that should only confirm the preliminary estimate, which the market has already taken into account. Things may only turn unpredictable if the final data significantly differs from the preliminary estimate.
Inflation (Europe):
The EUR/USD pair has partially recovered from its recent decline, but the quote is still below the 1.1000 level. This indicates that we’re still seeing the correction from the local high of the mid-term trend.
On the four-hour chart, the RSI technical indicator is moving along the midline 50, indicating stagnation. In the daily period, the RSI is moving in the upper area, indicating an uptrend.
On the four-hour chart, the Alligator’s MAs have multiple crossovers with each other, which corresponds to a signal of stagnation. On the daily chart, it reflects a bullish cycle.
Outlook
The correction will be relevant until the quote returns above the 1.1000 level on the four-hour chart. In this situation, there are two possible scenarios: first, is a bounce from 1.1000 and the correction would persist further; the second, is the price staying above 1.1000 with the prospect of updating the local high in the mid-term.
The comprehensive indicator unveiled that in the short-term and intraday periods, indicators are pointing to the euro’s partial recovery – a signal to buy euros. However, take note that the signal is unstable in the intraday period, as many indicators are still focused on the correction.
The material has been provided by InstaForex Company – www.instaforex.com
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