Forecast for EUR/USD on May 1, 2020


The euro calmly endured the ECB meeting on Thursday and even slightly fell on the comments of Christine Lagarde about the impending "unprecedented" economic downturn, but the euro faced a powerful speculative growth an hour before the London stock exchange closed, which, according to agencies, rebalanced investment portfolios in the end of the month and before the May Labour Day weekend in some European countries, including Germany and France.


The price worked out the resistance of the price channel line and the MACD line, now in thought. Overcoming yesterday's high will allow the euro to climb to the target level of 1.1026 (low of August 1, 2019), then growth to the peak of February 2020 is possible at the 1.1094 level.

But the price could return to the MACD line and consolidate below it, then it is worth waiting for the euro to fall below the signal level of 1.0833 to safely open a sale with the goal of 1.0600.


The price is completely in an upward position on the four-hour chart, which in turn slows down the possibility of the price recovering in a falling trend. The current situation is completely dualistic, we are waiting for clarification regarding the situation next week.

The material has been provided by InstaForex Company -