Forecast for EUR/USD on April 17, 2019

EUR/USD

Yesterday, the euro fell by 21 points, but having met the support of the balance line of the four-hour scale, it turned up, nearly blocking yesterday's growth in the Asian session today. The price approached strong technical resistances - the line of the decreasing price channel and the peaks of the three previous sessions. The euro's fall from yesterday came amid a rise in business sentiments in Germany and the eurozone - ZEW indices. The indications for April were: 3.1 against the forecast of 0.9 for Germany and 4.5 against 1.2 for the eurozone. Today there are data on trade and balance of payments of the eurozone in February, the forecasts for the indices are negative: a trade balance of 16.8 billion euros against 17.0 billion in January and on the balance of payments, 33.2 billion against 36.8 billion from the period earlier. We expect that with such data, the euro will not be able to overcome technical resistances, followed by a downward reversal.

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The MACD line on the four-hour chart has increased in recent days, now their values are the same (1.1257). This level will determine the price's further intention to fall. Its overcoming will open a target of 1.1155.

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