Indicator analysis. Daily review of EUR/USD on Apr 3, 2020

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The pair continued to move down on Thursday, testing a retracement level of 61.8% – 1.0832 (blue dashed line). After that, the price went up (37 points). Today, the downward movement may continue. Strong calendar news for the dollar is expected at 12:30 and 14:00 UTC.

Trend analysis (Fig. 1).

Today, in order to continue moving down, the pair needs to break through the retracement level of 61.8% – 1.0832 (blue dashed line). When breaking down, the downward work is with the first target of 1.0758, a retracement level of 76.4% (blue dashed line). After a rebound from the retracement level of 61.8% – 1.0832 (blue line), expect an upward work with the first target of 1.0965, a retracement level of 38.2% (red dashed line). Much will depend on how the market behaves on the news that comes out at 12:30 UTC.

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – down;

– Fibonacci levels – down;

– Volumes – up;

– Candlestick analysis – down;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – up.

General conclusion:

Today, the price will try to continue moving down with the first target at 1.0758, a retracement level of 76.4% (blue dashed line).

An unlikely scenario: from the support line 1.0816 (red thin line), work up with the target of 1.0965, a retracement level of 38.2% (red dashed line).

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Indicator analysis. Daily review of EUR/USD on April 3, 2020

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