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Forecast for EUR/USD on April 17, 2020

EUR/USD

The euro continued its planned decline from a technical point of view on Thursday. Losses amounted to 70 points as investors withdrew to a safe dollar, since the latest data on new weekly applications for unemployment benefits reached 5.245 million and bookmarks of new homes fell to 2.22 million in March against the expectation of 1.31 million. In addition, the business index activity in the manufacturing sector of Philadelphia fell from -12.7 to -56.6 in April, to a record since August 1980.

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The price is decreasing under the balance and MACD indicator lines on the daily scale chart, and the Marlin oscillator is fixed in the decline zone. We expect the euro to support the embedded price channel line around 1.0610.

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The price is also under the balance and MACD lines on the four-hour chart, Marlin is in the negative trend territory.

The signal level for opening sales is the April 8 low at a price of 1.0830. Stop loss at 1.0880, take profit before 1.0610. Intermediate goal of 1.0768.

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