For Traders

Analytical Reviews

Technical analysis

03.05.202106:02 Forex Analysis & Reviews: Forecast for EUR/USD on May 3, 2021

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.

EUR/USD

Last Friday, the euro plummeted 100 points, dropping one point below its opening on April 20th. Our bewilderment regarding the euro's growth in the last ten days has been resolved - it turned out to be speculative. Investors definitely didn't believe Federal Reserve Chairman Jerome Powell's vague explanation of the stability (absence) of inflation.

The price fell below the 50.0% Fibonacci level on the daily chart. Falling below the 38.2% level (1.1952) opens the way to the lower embedded line of the price channel in the 1.1675 area.

A downward situation has developed on the four-hour chart: the price is below the balance and MACD indicator lines, the MACD line itself is turning down, while the Marlin oscillator is in the negative trend area. We anticipate the euro's decline. The first target is 1.1952.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.