EUR/USD has decreased a little as the USDX has bounced back after the massive drop. The pair is trading at 1.0945 and is fighting hard to increase again because the Dollar Index has found temporary resistance. The price has been moving sideways according to the H1 chart, it has also developed a Falling Wedge pattern, so an upside breakout will confirm a bullish movement on the short term.The USD could drop further if the US data disappoints again today, the Unemployment Claims could increase from 3,283K to 3,600K amid the COVID-19 epidemic effect, an unexpected increase could bring high volatility. EUR/USD will increase only if the USDX drops again, a USDX’s increase will force the pair to drop further, this scenario will happen if the US data comes in better.The EUR/USD Falling Wedge pattern is far from being confirmed, the price is trading much below the upside line and below the 38.2% retracement level. So, only a valid breakout above the 38.2% level and most important from the chart pattern will validate a further increase on EUR/USD.A potential increase will be invalidated if EUR/USD makes a downside breakout from this pattern. The bias is bearish as long as the price stays…
Higher linear regression channel: direction – downward.
Lower linear regression channel: direction – downward.
Moving average (20; smoothed) – upward.
The GBP/USD currency pair starts the fourth trading day of the week with a rather weak (for current realities) movement along with the Murray level of “3/8”-1.2451. Over the past few days, the pound/dollar pair has worked out this level several times, but never managed to gain a foothold above it or, on the contrary, push off from it and start a downward correction. Thus, we believe that traders have come to a certain “point of equilibrium” – the balance of supply and demand. In order for the pair to continue the upward trend or complete it, you need serious fundamental reasons or the entry of major players into the currency market with large transactions. During the past day, macroeconomic statistics from overseas could support the US dollar (as was the case with the euro currency), however, quite unexpectedly, the correlation through the US dollar was broken in the last two days. Before that, the EUR/USD and GBP/USD pairs moved almost identically with adjustments for volatility.
In principle, there is no news from the UK at the moment. Except for new reports…
Consumer prices in South Korea were up just 1.0 percent on year in March, Statistics Korea said on Thursday. That was in line with expectations and down from 1.1 percent in February. On a monthly basis, inflation gained 0.2 percent – again matching forecasts and up from the flat reading in the previous month. Core consumer prices, which exclude the volatile costs of fresh food items, gained just 0.4 percent on year. That was shy of expectations for 0.5 percent, which would have been unchanged from the February reading. On a monthly basis, core CPI fell 0.2 percent – missing expectations for a flat reading following the 0.1 percent gain a month earlier. The material has been provided by InstaForex Company – www.instaforex.com…
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