02.04.202415:39 Forex Analysis & Reviews: Trading Signal for EUR/USD for April 2-4, 2024: buy above 1.0742 (0/8 Murray - rebound)

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.

The euro is trading around 1.0747, above 0/8 Murray, and inside the downtrend channel forming since March 8. On the H4 chart, we can see that the euro reached the bottom of the downtrend channel around 1.0720 and from that level, it is bouncing and is likely to continue rising. EUR/USD could reach the 21 SMA located at 1.0770.

The euro could recover in the next few days only if it consolidates above 1.0742 or in case there is a pullback towards 1.0711. It could be a good point to buy on the technical rebound and the price could reach 4/8 Murray located at 1.0864.

The outlook for the euro remains bearish, but according to the eagle indicator, the euro is strongly oversold. So, the EUR/USD is likely to make a technical rebound in the coming days which could be seen as an opportunity to buy.

In case the euro continues to fall below -1/8 Murray, we could expect a strong acceleration and the euro could reach the psychological level of 1.05.

Meanwhile, we believe there could be a recovery in EUR/USD in the coming days. So, we will look for opportunities to buy above the EUR/USD pair above 1.07 as the instrument could hit the target of the 200 EMA located at 1.0841 and finally, the 4/8 Murray at 1.0864.

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.