Indicator analysis. Daily review on EUR/USD for Apr 30, 2020

The pair traded upward on Wednesday and almost tested the level of 1.0892 – a 61.8% retracement level (presented in a blue dotted line). Today, after lunch, the upward movement may continue. Economic calendar news for the euro is expected at 07:55, 09:00, 11:45, and 12:30 UTC, and for the dollar at 12:30 UTC.

Trend analysis (Fig. 1).

Today, a downward pullback is possible from the level of 1.0878 (closing of yesterday’s candle) with the first target at 1.0852 – a 23.6% retracement level (presented in a red dashed line) and / or to the second target at 1.0826 – a 38.2 % retracement level (presented in a red dashed line). A lower downward pullback is possible towards the level of 1.0809 – a 50% retracement level (presented in a red dashed line). In case of a reversal from this level towards 1.0826, the price may continue to move upward with the target of 1.0890 – a 61.8% retracement level (presented in a blue dashed line). Upon breaking through this level upwards, the upward movement will continue. The main news of the day comes out at 11:45 and 12:30 UTC, which is about Europe’s interest rates, where everything will depend on the press conference of the head of the ECB.

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – up;

– Fibonacci levels – up;

– Volumes – up;

– Candlestick analysis – up;

– Trend analysis – up;

– Bollinger lines – down;

– Weekly schedule – up.

General conclusion:

Today, the price may continue to move upward with the target at 1.0890 – a 61.8% retracement level (presented in a blue dashed line).

Another possible scenario is a bearish trend from a 50.0% pullback level (presented in a red dashed line), with a target at 1.0791 – a 61.8% pullback level (presented in a dashed line).

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

Source:: Indicator analysis. Daily review on EUR / USD for April 30, 2020