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EUR/USD - 4H.
As seen on the 4-hour chart, the EUR/USD pair continued the process of falling and performed a consolidation under the upward trend line. Thus, now traders can count on the continuation of the decline of the euro-dollar pair. To date, the quotes have already made a drop to the low level of 1.1040 and closed below it. Thus, there is still one more undeveloped target for the fall – 1.0989. The pair remains inside the downward trend corridor, which still clearly reflects the mood of most traders. Today, the divergence is not observed in any indicator. The information background yesterday was negative for the euro currency, but today traders are still in a bad mood. Despite more or less good indicators of business activity in the European Union and Germany (almost all values exceeded their forecasts), the fall of the euro currency continued. Thus, we are now seeing the reaction of European traders to the events of yesterday in the ECB. Today, the release of business activity indices in the US services and manufacturing sectors is also planned, as well as a speech by ECB President Christine Lagarde. Thus, in the second half of the day, the mood of traders may still change or, conversely, increase.
EUR/USD - daily
As seen on the 24-hour chart, we still have a trading idea with a drop to the lower border of the downward trend corridor. At the moment, the pair has completed a consolidation under this trend line, which significantly increased the probability of a fall in the long term in the direction of the target level of 1.0850.
Forecast for EUR/USD and trading recommendations:
The long-term trading idea remains valid. Traders still have a long-term target for a fall near the level of 1.0850 confirmed by a close below the trend line.
The short-term trading idea is to sell the pair with the goal of 1.0989 since the trend on the 4-hour chart remains "bearish".
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