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29.04.202205:23 Forex Analysis & Reviews: Forecast for EUR/USD on April 29, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

As we expected in yesterday's review, the euro reached the nearest target level at 1.0493 and outlined a reversal to the upside. At the same time, the price has formed a local downward channel, which increases the likelihood of a correction by a reversal from its lower border.

Exchange Rates 29.04.2022 analysis

The value of the correction is determined by the MACD indicator line on the four-hour chart. We believe that after a three-figure movement with investors fulfilling the strategic objectives of breaking through strong historical supports, they can take profits and wait for the decisive event - the Federal Reserve's FOMC meeting on Wednesday next week.

Exchange Rates 29.04.2022 analysis

As a result, we are waiting for a correctional growth of the euro in the area of the MACD line, to the level of 1.0580 or a little higher. The Marlin Oscillator on H4 is already in a hurry to grow.

Laurie Bailey
Analytical expert of InstaForex
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