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Analysis and forecast for EUR / USD for April 8, 2021

And here the fun begins. Hello, dear colleagues! The main event of yesterday was the publication of the March minutes of the meeting of the Open Market Committee (FOMC) of the FRSSA. This is undoubtedly an important event that market participants were eagerly awaiting. It should be admitted that, as a whole, the minutes of the last FOMC meeting were kept in rather positive tones. Thus, the leaders of the FRS noted the very encouraging and rather fast pace of recovery of the US economy from the consequences of the COVID-19 pandemic. However, the economy cannot recover so quickly on its own. Naturally, the steps taken by the FRS in its monetary policy made a significant contribution to the good pace of recovery of the leading world economy. (a massive $ 2 trillion package of measures) to save the country from the COVID-19 crisis; and a successful campaign for universal vaccination of the US population against coronavirus infection. In general, the March FOMC protocol reflected the Fed’s optimism regarding the pace of economic recovery, as well as balanced inflation risks. Such optimistic and encouraging protocols could not pass without a trace for the US dollar and provided the American currency with significant support, of which we can be convinced by looking at the price charts of the main currency pair on the Forex market. Daily So, before the active start of the American session, the pair showed upward dynamics and rose to the level of 1.1914 on the rise. Then the mood of the market participants underwent significant changes, which was facilitated by the forthcoming Fed protocols, as well as the technical picture. Since enough attention has already been paid to the protocols, let’s turn our attention to the daily chart, where we see that EUR / USD faced very strong resistance from sellers around 1.1910. In the last article for the main currency pair, it was assumed that, in case of a confident breakdown of the 1.1845 mark, the next strong and significant resistance will be the level of 1.1909. In particular, apart from the strong and difficult to pass the level of 1.1900, a little higher, namely at 1.1909, the 38.2 Fib level from the decline of 1.2242-1.1703 passes. Thus, the pair completed a corrective rollback to the second level on the Fibonacci grid38.2. And this is where the most interesting part begins. As you can see, after the rise to1.1914 and the subsequent change in market sentiments, a bearish reversal candle appeared on the daily chart, which in its shape is very similar to the “Tombstone” pattern. However, there are two nuances that spoil the overall picture: First, this model did not appear at the very end of growth. Secondly, there is an insignificant lower one. Nevertheless, the appearance of yesterday’s candle on attempts to break through the 1.1900 mark and the 38.2 fib level can be perceived as the completion of the eur / usd correctional pullback, which means the resumption of the downward dynamics. What will happen in the end will show the course of trading, in particular today, at which, at the end of the article, the pair dismantles the upward dynamics and the intentions to re-check the strength of the strong price zone 1.1900-1.1915. However, for this, you first need to go up the blue Kijun line of the Ichimoku indicator, which is at 1.1885. It is in the Kijun line that the pair has now rested and is trying to go up. Closing of today’s trading above 1.1914 (yesterday’s highs) will signal the ability to continue the upward movement of the rate. In other words, it is vitally important for the European bulls to absorb the growth of yesterday’s daily candlestick. If, at the end of today’s trading, another bearish pattern appears, most likely, this will confirm the completion of the correction and the resumption of the downward trend. Н1 The hourly chart clearly shows how hard the euro bulls are pushing the quote up. In particular, this can be judged by the long upper shadow of the current candle. In general, the trading recommendations for today, according to the author’s personal opinion, will include both buying and selling of eur / usd. timeframes, you can sell with the nearest target in the area of ​​1.1865-1.1855. From here, but in case of already bullish candlestick signals, open buy with the nearest target in the area of ​​1.1895-1.1905. That’s all for now. Successfulbidding! – Source: InstaForex

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