Indicator analysis. Daily review on EUR/USD for April 13, 2020

Trend analysis (Fig. 1).

Today, from the level of 1.0938 (closing of the Friday afternoon candle) the pair may continue to move up, with the target of 1.0958 - a pullback level of 50.0% (red dashed line). If this level is reached, the upward work will continue with the target of 1.1003 - a retracement level of 61.8% (red dashed line).

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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 try to continue to move up with the target of 1.1003 - a retracement level of 61.8% (red dashed line).

An unlikely scenario: from a pullback level of 50.0%, that is, 1.0958 (red dashed line), work down with a target of 1.0893 - a pullback level of 50.0% (blue dashed line).

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Technical analysis of GBP/USD pair for the week of April 13 to 18

The GBP/USD pair, having recovered from the pullback level of 23.6% - 1.2230 (blue dashed line) last week, moved up, testing the upper fractal of 1.2485 (blue dashed line). Most likely, the price may continue to increase this week.

Trend analysis.

The price from the level of 1.2445 (closing of the last weekly candle) will move up this week, with the first upper target of 1.2710 - a pullback level of 61.8% (red dashed line), and if this line is reached, then it will work up further with the target of 1.2979 - a pullback level of 76.4% (red dashed line).

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Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - down;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

The overall result of calculating the candle of the GBP / USD currency pair according to the weekly chart: the price of the week will most likely have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the absence of the second upper shadow (Friday - up).

The upper target of 1.2710 is a pullback level of 61.8% (red dashed line).

An unlikely scenario: working down with the first target of 1.2230 - a pullback level of 23.6% (blue dashed line) from the level of 1.2485 (blue dashed line).

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GOLD Strongly Bullish

Gold has opened with a gap up and it seems determined to jump above the near-term obstacles. It is trading at $1,686 and most likely will touch the $1,700 psychological level soon. The price is strongly bullish after Thursday's amazing rally, the gold price has managed to make another high and to take out a short term dynamic resistance, signaling that it should increase far above $1,703 previous high.

Gold is expected to extend its rally as long as the USD drops versus the other major currencies. The dollar is into a corrective phase as the USDX continues to decrease after the FED decision to add more stimulus measures to fight the COVID-19 pandemic effects.

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Technically, the yellow metal has registered a valid breakout above the inside sliding line (sl) of the ascending pitchfork, so a further increase is natural. The next resistance is seen at the $1,700 level, but I believe that the price could ignore this level, the R1 ($1,702) and the $1,703 former high and it could approach and reach the upper median line (uml) of the minor ascending pitchfork.

The gold price will maintain a bullish outlook as long as it is traded above the $1,600 psychological level. The RSI indicator has managed to breakout above a downtrend line and now it moves higher, signaling a strong buyers.

  • TRADING TIPS

Gold is strongly bullish and it should approach and reach fresh new highs in the upcoming days. The aggressive breakout above the sliding line (sl) has confirmed a potential increase towards the upper median line (uml) of the ascending pitchfork.

However, the next target is seen at $1,700 - $1,703 area and at the weekly R1 ($1,702) level, so only a valid breakout above this area will validate a significant increase. A valid breakout above the near-term obstacles will announce a potential increase even towards the $1,800 psychological level and towards the weekly R2 ($1,828) level.

If you want to buy Gold, you should consider placing a Stop Loss somewhere below the $1,600 level, you could hide it below the $1,565 former low, because we cannot exclude a potential rejection from the $1,700 - $1,703 area on the short term before it registers a valid breakout.

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Fractal analysis of the main currency pairs for April 13

Forecast for April 13:

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1123, 1.1070, 1.1031, 1.0971, 1.0951, 1.0904, 1.0876 and 1.0826. Here, we are following the development of the ascendant structure of April 6. The continuation of the movement to the top is expected after the price passes the noise range 1.0951 - 1.0971. In this case, the target is 1.1031. Short-term upward movement, as well as consolidation is in the range of 1.1031 - 1.1070. For the potential value for the top, the level of 1.1123 can be considered. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.0904 - 1.0876. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.0826. This level is a key support for the upward structure.

The main trend is the development of the rising structure of April 6

Trading recommendations:

Buy: 1.0971 Take profit: 1.1030

Buy: 1.1033 Take profit: 1.1068

Sell: 1.0904 Take profit: 1.0877

Sell: 1.0874 Take profit: 1.0830

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2694, 1.2609, 1.2550, 1.2426, 1.2380, 1.2326 and 1.2248. Here, we are following the development of the upward cycle of April 7th. At the moment, we expect movement to the level of 1.2550. Meanwhile, short-term upward movement, as well as consolidation is in the range of 1.2550 - 1.2609. For the potential value for the top, we consider the level of 1.2694. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.2426 - 1.2380. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2326. This level is a key support for the top. Its passage at a price will lead to the formation of initial conditions for a downward cycle. In this case, the potential target is 1.2248.

The main trend is the local upward structure of April 7

Trading recommendations:

Buy: 1.2550 Take profit: 1.2606

Buy: 1.2610 Take profit: 1.2694

Sell: 1.2426 Take profit: 1.2380

Sell: 1.2378 Take profit: 1.2326

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9729, 0.9701, 0.9679, 0.9644, 0.9599, 0.9569 and 0.9530. Here, we are following the development of the descending structure of April 6. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.9644. In this case, the target is 0.9599. Short-term downward movement, as well as consolidation is in the range of 0.9599 - 0.9569. For the potential value for the bottom, the level of 0.9530 can be considered. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is expected in the range of 0.9679 - 0.9701. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9729. This level is a key support for the downward structure.

The main trend is the descending structure of April 6

Trading recommendations:

Buy : 0.9680 Take profit: 0.9700

Buy : 0.9703 Take profit: 0.9727

Sell: 0.9642 Take profit: 0.9600

Sell: 0.9597 Take profit: 0.9573

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For the dollar / yen pair, the key levels on the scale are : 108.61, 108.28, 108.10, 107.78, 107.52, 107.37 and 107.08. Here, we are following the development of the descending structure of April 6. The continuation of movement to the bottom is expected after the breakdown of the level of 107.78. In this case, the target is 107.52. Meanwhile, price consolidation is in the range of 107.52 - 107.37. For the potential value for the bottom, we consider the level of 107.08. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 108.10 - 108.28. The breakdown of the last value will lead to an in-depth correction. Here, the target is 108.61. This level is a key support for the downward structure.

The main trend is the downward structure of April 4.

Trading recommendations:

Buy: 108.10 Take profit: 108.26

Buy : 108.30 Take profit: 108.60

Sell: 107.76 Take profit: 107.52

Sell: 107.35 Take profit: 107.10

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.4220, 1.4147, 1.4090, 1.3933, 1.3883, 1.3760 and 1.3670. Here, the subsequent targets on the H1 scale can be determined from the descending structure on March 31. The continuation of movement to the bottom is expected after the price passes the noise range of 1.3933 - 1.3883. In this case, the target is 1.3760. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 1.3670. Upon reaching which, a pullback to the top is expected.

Short-term upward movement is possibly in the range of 1.4090 - 1.4147. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.4220. This level is a key support for the downward cycle.

The main trend is the downward cycle of March 31.

Trading recommendations:

Buy: 1.4090 Take profit: 1.4145

Buy : 1.4150 Take profit: 1.4220

Sell: 1.3883 Take profit: 1.3764

Sell: 1.3760 Take profit: 1.3670

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6582, 0.6528, 0.6443, 0.6383, 0.6289, 0.6224 and 0.6144. Here, we determine the subsequent goals for the top from the local ascending structure on April 3. Short-term upward movement is possibly in the range of 0.6383 - 0.6443. The breakdown of the latter value will lead to a pronounced upward movement. Here, the target is 0.6528. For the potential value for the upward trend, the level of 0.6582 is considered. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.6289 - 0.6224. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.6144. This level is a key support for the top.

The main trend is the local ascending structure of April 3.

Trading recommendations:

Buy: 0.6383 Take profit: 0.6440

Buy: 0.6445 Take profit: 0.6528

Sell : 0.6289 Take profit : 0.6230

Sell: 0.6220 Take profit: 0.6145

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For the euro / yen pair, the key levels on the H1 scale are: 121.07, 120.30, 119.76, 119.05, 117.83, 117.28, 116.35 and 115.23. Here, we are following the initial conditions for the upward cycle of April 2. The continuation of the movement to the top is expected after the breakdown of the level of 119.05. In this case, the target is 119.76. Short-term upward movement, as well as consolidation is in the range of 119.76 - 120.30. We consider the level 121.07 to be a potential value for the upward trend. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 117.83 - 117.28. The breakdown of the latter value will lead to the development of a downward trend. Here, the goal is 116.35. For the potential value for the bottom, we consider the level of 115.23. The movement to which is expected after the breakdown of the level of 116.30.

The main trend is the initial conditions for the top of April 2.

Trading recommendations:

Buy: 119.05 Take profit: 119.76

Buy: 119.78 Take profit: 120.30

Sell: 117.83 Take profit: 117.30

Sell: 117.25 Take profit: 116.50

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For the pound / yen pair, the key levels on the H1 scale are : 137.93, 137.49, 136.66, 135.86, 134.61, 133.93, 133.37 and 132.29. Here, we determine the subsequent goals for the top from the local ascending structure on April 3. The continuation of the development of the upward trend is expected after the breakdown of the level of 135.86. In this case, the target is 136.66, price consolidation is near this level. The breakdown of the level of 136.66 should be accompanied by a pronounced upward movement. Here, the target is 137.93. Meanwhile, price consolidation is in the range of 137.93 - 137.49, and from here, a reversal in correction is expected.

Short-term downward movement is possibly in the range of 134.61 - 133.93. The range of 133.93 - 133.37 is the key support for the upward structure from April 3, its passage at the price will lead to the formation of a downward structure. In this case, the potential target is 132.29.

The main trend is the local ascending structure of April 3

Trading recommendations:

Buy: 135.86 Take profit: 136.60

Buy: 136.70 Take profit: 137.49

Sell: 134.60 Take profit: 134.00

Sell: 133.90 Take profit: 133.40

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Instaforex Daily Analysis - 13th April 2020

Today we take a look at USDJPY and see how we are going to play the bounce!

We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today!

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USD/CAD testing downside confirmation, potential bounce!

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Trading Recommendation

Entry: 1.39455

Reason for Entry: horizontal swing low support

Take Profit :1.3742

Reason for Take Profit: 100% Fibonacci extension , horizontal swing low support

Stop Loss: 1.4080

Reason for Stop loss: Graphical overlap resistance

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OPEC ++ agreement is the first step towards stabilizing global markets; Overview of CAD and JPY

The largest deal in history to reduce oil production took place. OPEC + countries, together with G20 members, agreed to reduce daily production by 9.7 million barrels per day, starting May 1, while the United States, Canada, Mexico and Brazil joined the agreement for the first time in history.

It is possible that the reached level of production decline will not be enough due to a strong drop in demand in the last month, however, market stabilization is not far away. It is unlikely that in the wake of increased enthusiasm, oil will consolidate above $ 40 per barrel in the coming months. Therefore, commodity currencies will not be able to get support and will remain outsiders of the currency market. The depth of the fall in global GDP is still estimated fairly approximately, so the most likely scenario for the coming months will be a further decline in risky assets and an increase in demand for gold and other protective instruments.

USD/CAD

Canada's employment report for March gave impressive results. The number of employed decreased by 1.011 million people, the employment rate declined to 58.5%, which is the lowest since 1997. At the same time, the number of those who were not dismissed, but who did not work a single hour during the control week from March 15 to 21, increased by 1.3 million, and those who worked less than half their normal hours - by 0.8 million.

These numbers mean that at least 2.2 million Canadians are one step away from dismissal, while let's not forget that the population of Canada is just 37.9 million. Unemployment in March grew by 2.2% to 7.8%, this is the largest monthly increase since the beginning of data collection in 1976, and what will we see in April?

Even previous weaker dynamics inevitably led to a recession.

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Nevertheless, the currency market practically did not respond to the publication. This is possible only in a few cases - either the upcoming changes were fully considered by the market earlier, or the currency market is in direct control of the six leading central banks led by the Fed, which, taking advantage of the unlimited possibilities of swap lines between themselves, extinguish all market fluctuations, not allowing currencies to go beyond the agreed currency corridors.

The first option is unlikely - forecasted employment levels were noticeably more modest. There remains a cartel conspiracy of central banks – after all, how else to keep the world currency system from collapsing, if not a coordinated devaluation of everything at the same time?

On Wednesday, April 15, the Bank of Canada will hold its next meeting. We should expect expansion of stimulus measures given the failed report on the labor market, which indicates a strong decline in economic activity, as well as the fact that the Bank of Canada is still behind the Fed in aggressive support of the economy. In particular, it is possible to start a direct redemption of municipal debts, direct financial support to the provinces, and the planned scope of initiatives substitutes for intrigue.

The CFTC report reflected a slight increase in the advantage of the short position in Canada, the estimated price is higher than the current one, but the dynamics has slowed significantly.

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The USD/CAD pair is just one step away from the support of 1.3920/30, but there is no impulse, in case of breaking through, we can expect a decline to the zone of 1.3760/70, and more likely a slight pullback to 1.4040/60 followed by consolidation.

USD/JPY

At a meeting on April 7, the Cabinet of Ministers approved a package of emergency measures to support the economy in the amount of 108.2 trillion yen. 80 trillion will be directed to measures to protect employment and maintain business, and another 26 trillion, for the payment of tax and insurance contributions by small and medium enterprises. This means that at least part of the funds from the government package will go directly to the country's budget to finance the deficit, which means that the Cabinet begins to Finance itself, already without the Central Bank, which regularly buys out the government debt without any hope of paying it off.

In fact, the government package is already a receipt that Japan is separated from a sovereign default only by the status of a reserve currency. And how else? – with the growing level of expenditures, the revenue part of the budget continues to decrease. Orders for machinery and equipment fell again in March, falling by 40.8% yoy, and Japan is losing its status as an industrial power.

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The yen is still trading too high from the fair level, and thus, we should expect a decline to the support of 106.80/90; however, a strong movement is unlikely. A possible pullback to 10820/30 can be used to enter a short position with a stop at 108.60 and a target of 106.90.

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

Hot forecast for EUR/USD on 04/13/2020 and trading recommendation

In recent days, the financial world has lived only because it does not stop looking at how negotiations are going on to reduce oil production. It was probably even better that the weekend in Europe and North America was quite long. After all, they have not worked since Friday, since they celebrated Good Friday. Mexico's stubbornness, which agreed to sign the agreement only on Sunday, naturally led to a sharp drop in oil prices. But in the end, the largest exporting countries were able to compromise, and agreed to reduce production by more than ten million barrels per day. It will begin to operate in May. And the very signing of this agreement will negatively affect the dollar, since the stabilization of the oil market will start the process of gradual stabilization of the commodity markets, and then the stock market. As a result, global financial risks will be reduced, and large investors will begin to gradually transfer capital from the United States to other markets.

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But it is not just the agreement to reduce oil production that will put pressure on the dollar. After all, despite the holiday, US data on inflation was released last Friday, confirming the fact of its decline from 2.3% to 1.5%. In theory, this is not direct high-profile news, because even preliminary data said exactly the same. However, when such a significant slowdown in inflation is actually confirmed, it seriously affects investor sentiment. After all, a sharp decline in inflation is an absolute cause for concern for the Federal Reserve, which may seriously think about the possibility of another refinancing rate cut. Another thing is that today is another non-working day in Europe, so the market reaction will be somewhat restrained. Although both negative factors for the dollar are quite serious.

Inflation (United States):

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From the point of view of technical analysis, we see a slowdown expressed in a narrow flat of 1.0920/1.0950, where the quote invariably continues to move. In fact, market participants have remained neutral since last Friday, showing minimal activity.

In terms of a general analysis of the trading chart, the daily period, the development is fixed at about 50%, relative to the previous inertial move.

It can be assumed that the narrow fluctuation within 1.0920/1.0950 will still remain for some time, but the slowdown could play into the hands of speculators, eventually consolidating a local surge in activity. The tactics of trade remain unchanged, in terms of breaking through one or the border of slowdown.

We will specify all of the above into trading signals:

- We consider purchase positions higher than 1.0955, with the prospect of a move to 1.0970-1.1000.

- We consider selling positions lower than 1.0915, with the prospect of a move to 1.0890-1.0850.

From the point of view of a comprehensive indicator analysis, we see that by keeping the quotes at the peak of the correction move, the indicators of technical instruments unanimously signal a purchase.

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GBP/USD: plan for the European session on April 13. Bulls focused on the 1.2484 break. Another setback could lead to a larger

To open long positions on GBP/USD, you need:

Given that many markets are closed today due to Easter Monday, buyers of the British pound are unlikely to be able to break through the very important resistance of 1.2484, which was not possible to do last Friday. Today, the task of the bulls is to break through and consolidate above this range, which will lead to the demolition of the bears' stop orders and further, more powerful growth of the pound with an exit to the highs of 1.2605 and 1.2686, where I recommend taking profits. If the pair declines, I recommend returning to long positions only after the test of the lower middle of the side channel 1.2363-83, provided that a false breakout is formed there, or buying GBP/USD immediately for a rebound from the large level of 1.2285, counting on a correction of 40-50 points within the day. Given that there is no important fundamental statistics in the first half of the day, against the background of low trading volume, speculators can take control of the market, which can lead to a sharp movement in one direction or another, with the same sharp return to a fair price.

To open short positions on GBP/USD, you need:

The technical picture did not change for sellers of the pound. They failed to regain the region of 1.2383 on Friday, but rather retreated from the market to test a bigger resistance, which is the upper limit of the sideways channel 1.2484. The formation of a false breakout in the first half of the day will be a signal for opening short positions with the aim of returning to the support 1.2383, which is the middle of the channel. Return and consolidation under the 1.2383 level will result in the pair falling to the area of support 1.2285, a break of which brings GBP/USD to last week's low of 1.2166 where I recommend to take profit. If the pound rises above the resistance of 1.2484, it is best to return to short positions only on the test of more recent highs of 1.2605 and 1.2686.

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Signals of indicators:

Moving averages

Trade is carried out in the region of 30 and 50 moving average, which indicates the continued benefits of pound buyers.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

A break of the upper border of the indicator at 1.2484 will lead to a larger growth of the pound.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - Moving Average Convergence / Divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
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EUR/USD IPDA 60-Day Range for April 13, 2020

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Looking at the 4-hour chart, we see that EUR/USD has already got into a discount area on the grounds of the Interbank Price Delivery Algorithm (IPDA). A 60-day trading range means the odds are that the Fiber will move up soon. Nevertheless, before EUR/USD goes up, the price is expected to make a small retracement not more than below 1.0830 to gain healthy momentum for reaching to the next liquidity pool at 1.0970.

The overall bias of EUR/USD is bullsih.

(Disclaimer)

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Overview of the EUR/USD pair. April 13. Disagreements between the North and South of the Eurozone can lead to a split in

4-hour timeframe

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Technical details:

Higher linear regression channel: direction - downward.

Lower linear regression channel: direction - downward.

Moving average (20; smoothed) - sideways.

CCI: 173.2524

The EUR/USD currency pair starts the new trading week with a weak downward correction. However, the price is fixed above the moving average line, so the trend is now upward. It is not supported by any linear regression channel, however, the upward movement may continue. We still believe that the "correction against correction" option will continue to be executed and the euro will continue to grow to the psychological level of 1.10. However, in any case, the future outlook of the currency pair will be determined in the area of 1.09-1.10.

"Nothing lasts forever." This phrase has long been a classic. And although it is quite vague, that is, it does not give an exact date of origin of a particular event, it is nevertheless true. A striking example is the United Kingdom, which has been part of the European Union for more than 50 years, but at some point decided to leave the Alliance. After all, what is, in fact, EU membership? This is a set of pros and cons for each block member. There are positive aspects of membership in the union, but there are also negative ones. Accordingly, any country can leave the EU, any country can begin to express its disagreement with the general policy, any country can feel that it is being treated unfairly. Also, no one will have the opposite opinion of the fact that in quiet times, usually, everything suits everyone and things are going well for everyone. And if not good, at least stable. Both in Europe and the United States in recent years, perhaps even 12 years after the mortgage crisis, things have been fairly stable and confident. Yes, many goals were not met, such as GDP growth or target inflation. But was the economy growing? It was. This is the most important thing. However, at one point, the situation in the world turned upside down. There was an epidemic of "coronavirus", in 90% of cases of the non-fatal disease, a common strain of flu, and the entire world economy was paralyzed. Paralyzed for several months already. And it is unknown how long it will be in this state. Of course, governments all over the world, including the EU and the US, had a choice of two options. Or do nothing and see to what lows their economy will collapse. Or flood it with money and cheap loans to somehow reduce the negative impact of the quarantine. Both countries chose the second path. However, what is this path? It is a flood of money into the economy, that is, cash and liquidity. But just like that, no one will distribute money, even though any Central Bank can print any number of them. They are introduced into the economy either through the purchase of securities from major banks, companies and other legal entities. The disadvantage of this method is the overflow of the Central Bank's balance sheet, its bloat. Or by issuing cheap, preferential or even free loans. The disadvantage of this method is that you need to pay back loans, even if they are interest-free. It is the second problem that has recently become acute for the EU countries. In order not to print trillions of euro currency, the ECB believes that it is better to borrow this necessary money. In other words, the method of placing securities on foreign and domestic markets. This is how the idea of "coronabonds" was born, which were to be issued on behalf of the entire EU, that is, all 27 countries. This issue was raised during the mortgage crisis of 2008, when all the money received from the placement of bonds wanted to be used to support Greece. Now it is time for another crisis and it is quite logical that the EU countries are divided into two categories: 1) not badly affected by the "coronavirus" and able to fight it without serious economic and financial losses, or just countries that have a good "safety cushion". These are Germany, Austria, and Finland; 2) countries that have been severely affected by the epidemic and have budget deficits, high public debts, and so on. These are Spain, Italy, Greece, Ireland, Portugal, Slovenia, and France. Logically, the second category of countries needs assistance and they see this assistance in the issuance of "coronabonds" that will allow them to raise funds and direct them to the recovery of their economies. But, for example, Germany makes no sense in issuing "coronabonds", as the country copes best with the pandemic, although not without financial losses. It turns out that the governments of the crisis countries of the EU require help, their central banks cannot print money to support the economy, so there is only one way out – to issue government bonds. And this is where the fun begins. For bonds to be purchased, the borrower must be stable and solvent. Take Italy as an example. The country has suffered the most from the "coronavirus" in the EU and has a national debt twice as high as EU standards. For Italy to place its bonds, it will have to offer investors a high percentage. And the higher the percentage, the more you will have to give later, the greater the burden on the economy. But in pairs with Germany and Austria, the percentage of securities can be much less. In this case, the money will be sent to Spain, Italy, and others in need of assistance, and Austria and Germany will pay their debts along with all those who do not need these "coronabonds" at all. But the main problem of "coronabonds" is that any EU country could default at any time and to refuse to pay their debts. As was already the case with Greece. Thus, the debts will have to be returned to the rest of the EU member states. Otherwise, they will also have to default and lower their credit ratings to "junk". Thus, this stumbling block can destroy the integrity of the EU. The more disagreements there are, the more likely it is that a country will want to leave the EU after Britain.

On Monday, April 13, the European Union will celebrate Easter Monday. There are no planned macroeconomic publications for this day. Thus, volatility may remain low and there may be no trend movement.

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The volatility of the euro/dollar currency pair continues to decline and as of April 13, it is already 86 points. We believe that the markets continue to return to normal, however, there may be new outbreaks of panic in the future. Today, we expect a further decrease in volatility and price movement between the levels of 1.0849 and 1.1021. The pair tends to the level of 1.10, and the reversal of the Heiken Ashi indicator downwards indicates a possible round of downward correction.

Nearest support levels:

S1 - 1.0864

S2 - 1.0742

S3 - 1.0620

Nearest resistance levels:

R1 - 1.0986

R2 - 1.1108

R3 - 1.1230

Trading recommendations:

The EUR/USD pair may start a corrective movement. Thus, traders are now recommended to consider purchases with the goals of the Murray level of "2/8"-1.0986 and 1.1021, but when the Heiken Ashi indicator turns down, reduce the short positions. It is recommended to sell the euro/dollar pair not before fixing the price below the moving average line and the Murray level of "1/8"-1.0864 with the first goal of 1.0742.

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EUR/USD: plan for the European session on April 13. US dollar does not respond to weak inflation. Bulls aim for breakout

To open long positions on EURUSD, you need:

Given the closure of a number of European markets on Friday, as well as low volatility and trading volume, traders did not react strongly to the report on US inflation, which declined by 0.4%, while economists forecast a decline of 0.3%. The weak report was highly predictable considering current events in the world, which did not lead to a change in the technical picture of the EUR/USD pair in the short term. At the moment, an important task for euro buyers is to protect the support of 1.0897, where the formation of a false breakout will be a signal to open long positions in the expectation of continuing growth around the new highs of 1.0969 and 1.1033, where there could be problems with the breakout. Consolidation above the 1.0969 level will open a direct path to the area of 1.139, where I recommend taking profits. In case of a sharp decline today, the euro is below the 1.0897 level, which is unlikely, since many markets are closed due to Easter Monday, long positions can be returned immediately to rebound from the low of 1.0834.

To open short positions on EURUSD, you need:

The primary task of sellers of the euro is to form a false breakout in the resistance area of 1.0969, which will be a signal to open short positions in the expectation of a decline to the support of 1.0897, where I recommend taking profits. Important fundamental statistics are not expected today, except for the speech of the Federal Reserve representatives, so the lack of demand for the euro in the area of 1.0897 may result in a sharper fall to the low of 1.0834, where I recommend taking profits. If there are no active sales at the level of 1.0969 in the first half of the day, it is best to postpone short positions until the test of the high of 1.1033, from where you can expect a correction of 30-40 points within the day.

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Signals of indicators:

Moving averages

Trade is carried out in the region of 30 and 50 moving average, which indicates the lateral nature of the market with a slight advantage to buyers of the euro.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

A break of the upper boundary of the indicator in the reg ion of 1.0955 will lead to a larger growth of the euro in the short term. A break of the lower boundary in the region of 1.925 will increase the pressure on the pair.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - Moving Average Convergence / Divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
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Hot forecast and trading signals for EUR/USD, GBP/USD and USD/JPY for April 13

EUR/USD H1.

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On the hourly chart of the euro/dollar pair, the resistance line (red) with three rebounds from it, as well as an upward channel, which indicates an upward trend of intraday can be seen. Thus, several trading signals are possible at once today.

1) A rebound from the lower line of channel C will allow you to trade for an increase to the Senkou Span B line – 1.0974 on the 4-hour chart.

2) Consolidating quotes above the Senkou Span B line (1.0974) will allow you to open buy positions with the goal of the upper line of the ascending channel (approximately in the area of the level of 1.1040).

3) Consolidating quotes below the ascending channel will allow you to open short positions with the goal of the Kijun-sen line – 1.0868 on the 4-hour chart.

GBP / USD H1.

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On the hourly chart of the pound sterling, we have an upward trend line (yellow), which the pair managed to break through today during the Asian trading session. We also have a strong resistance area (1.2471 - 1.2485), from which the pair has already rebounded for five times. Thus, today, traders have the following trading options:

1) Confidently breaking through the resistance area of 1.2471 - 1.2485 will allow you to open pound sterling purchases with the goal of resistance level – 1.2567 on the 4-hour chart.

2) Another rebound from the area of 1.2471 - 1.2485 will allow you to trade lower with the goal of the Kijun-sen line – 1.2328 on the 4-hour chart.

USD / JPY H1.

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For the dollar/yen currency pair, we have the following intraday options for April 13. A strong downward trend indicates a continued downward trend. Now, breaking through the small trend line (yellow) provoked the continuation of the downward movement. The signal was formed tonight but it is not too late to develop it. There are almost no obstacles on the way to the level of 1.0700. Thus, today, we have such options for trade transactions:

1) Selling the US currency with the goal of the support area 107.03 - 107.12 can be considered, since the pair has already consolidated below the area of 108.22 - 108.31 and the trend line.

2) Buying a pair with the goal of the Senkou Span B line – 109.30 on the 4-hour chart can be considered, if there is a sharp upward reversal and consolidation above a strong downward trend line.

There are no important macroeconomic events planned so far.

The fundamental background can be studied in this article.

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GBP/USD IPDA 60 days range for April 13, 2020

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If we look at the GBP/USD interbank price delivery algorithm (IPDA) 60 days range, we can see that Cable is moving sideways. Now it is in premium area's which means that there is a possibility for GBP/USD to enter correctional phase in the nearest liquidity pool at 1.2360. As long as this pair does not pass bellow the 1.2222, GBP/USD will have a chance to go up at least to the 1.2484-1.2494 levels.

(Disclaimer)

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Forecast for EUR/USD on April 13, 2020

EUR/USD

The euro made minor fluctuations before the resistance of the embedded line of the downward price channel on Friday, as the markets in Europe and the United States were closed. The signal line of the Marlin oscillator unfolds from the border with the growth territory. A synchronous downward reversal of the price and the indicator is possible.

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Marlin turned lower on the four-hour chart. A stable condition for the euro's fall is when the price leaves the area below the MACD line in 1.0840. In this case, the target of the movement is the lower line of the price channel at 1.0615 (daily).

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But until the signal level has been overcome, the price can still make a false puncture of the upper line of the price channel by testing the November 2019 low (1.0980), or the MACD line on the daily (blue indicator) in the area of 1.0990.

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Forecast for GBP/USD on April 13, 2020

GBP/USD

The British pound is consolidating above the Fibonacci level of 138.2% for the second session, before the highs of March 27-April 2. The Marlin oscillator continues to grow, and as a result, the price may be marked at the point of convergence of the 123.6% Fibonacci level and the MACD line at 1.2540. Price taking above the level will allow the pound to continue to grow towards the goals of the Fibonacci levels: 1.2645 (110,0%), 1.2725 (100,0%).

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A reversal and further decline in the price is possible if it is consolidated below the MACD line on the H4 chart, below the 1.2400 level. The first target will be the 161.8% Fibonacci level at 1.2235.

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Forecast for AUD/USD on April 13, 2020

AUD/USD

Last Friday, the Australian dollar touched the MACD line on the daily chart. From this line, a price reversal is possible with the resumption of the medium-term downward movement with the targets of 0.5815, 0.5455. But the first goal on this path is the first line of the price channel at around 0.6185. The possibility of a reversal from current levels is indicated by a downward reversal of the Marlin oscillator. There is also a slight increase in the price to the price channel line at 0.6395, which will not affect the oscillator readings.

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The conditions for a steady decline have not yet formed on the four-hour chart. This condition could be a decrease in the price under the MACD line around the level of 0.6215 (March 31 high). The Marlin oscillator will already be in the negative trend zone at this time.

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It is possible to open short positions with the price going below 0.6215. Stop loss 0.6260, take profit before 0.5815.

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Forecast for USD/JPY on April 13, 2020

USD/JPY

The yen almost did not change in price on Friday, in the thin market, having spent the entire day on the support of the balance line (red indicator). The Marlin oscillator entered the negative zone this morning. Now the price is waiting for a strong support zone of 106.90-107.75, formed by the nearby lines of the price channel. When the price reaches its lower limit of 106.90, it is possible to say that the price has come out of uncertainty and is heading towards 102.50 – the price channel line of the higher timeframe.

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The price has consolidated under the balance line and Marlin is in the zone of negative values on the four-hour chart - the short-term trend is decreasing. We are waiting for prices to be introduced in the accumulation range of 106.90-107.75.

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The aggressive trading method makes it possible to open short positions from current levels, stop loss above 108.70 (above the MACD line on daily). With a more cautious strategy, it is recommended to open sales below 106.90.

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NZD/CAD approaching resistance, potential drop!

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Trading Recommendation

Entry: 0.85820

Reason for Entry: Horizontal pullback resistance, 100% fibonacci extension, 78.6% fibonacci retracement

Take Profit : 0.82797

Reason for Take Profit: Horizontal swing low support , 50%, 78.6% Fibonacci retracement

Stop Loss: 0.87465

Reason for Stop loss: Horizontal swing high resistance

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AUDUSD holding above ascending trendline. Further push up expected!

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Trading Recommendation

Entry: 0.63022

Reason for Entry: 38.2% Fibonacci retracement, moving average and ascending trendline support

Take Profit : 0.64160

Reason for Take Profit: -27.2% Fibonacci extension

Stop Loss: 0.62092

Reason for Stop loss: 61.8% Fibonacci retracement

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Control zones for USDCAD on 04/13/20

The downward movement is still a priority, since the pair consolidated below the weekly control zone of 1.4037-1.4007. This indicates a continued fall. It should be noted that this output made it possible to test the monthly control zone in April again. According to statistics, going beyond the monthly control zone leads to a return to its limits with a probability of 90%. Therefore, selling from current marks is not profitable and the likelihood of continuing to move in a narrow range increases.

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The probability of corrective growth will increase after updating the monthly low and testing the 1.3910 level. This will make it possible to continue working within the accumulation zone formed over the past two weeks.

An alternative model will develop if the pair can consolidate below the 1.3910 level and continue to decline. This will provide an opportunity to buy at better prices in the future. Selling is not profitable, as already described above, so you should consider the option of a false breakout of the monthly low in order to purchase the instrument.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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GBP/USD. Preview of the week. Pound remains in the flat

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The British pound also ended last week with the lowest volatility movement. The reason is similar with the euro currency - Good Friday. The new week is likely to start as well, as many countries around the world, including the UK, will celebrate Easter Monday. Thus, we do not expect any major price changes at the beginning of next week. As for volatility, it continues to slowly decline, which speaks in favor of calming the markets. Unfortunately, the factors that can turn everything upside down remain the same. The number of cases of coronavirus around the world continues to grow, and the economies of most countries continue to contract due to the introduced quarantine measures. In principle, we can even say that the pound/dollar pair has spent the last two weeks in a blatant flat between the levels of 1,2207-1,2480. At the moment, it is just trading near the upper limit of this channel. News in the UK would probably be calm next week. Not a single important report, speech, nor a planned event. Thus, as we have already mentioned in the review of the EUR/USD pair, only macroeconomic statistics from overseas can affect the pair.

Meanwhile, Boris Johnson's condition continues to improve. The prime minister has already been moved from the intensive care unit to a normal room and, according to the latest data, Johnson has started to get back on his feet. However, this is all good news on the topic of coronavirus from the UK. More than 900 people have died in Great Britain over the past 24 hours, for the second consecutive day. The total number of people infected in the UK is almost 80,000, and the number of deaths is near 10,000. At the same time, experts continue to note that the real number of people infected with the virus in Britain could be much higher. The health sector continues to conduct approximately 15,000 tests a day. For example, 70,000 tests are performed daily in Germany.

At the same time, Donald Trump introduced a natural disaster regime in the United States. According to experts, this is the first time in the history of the country. This mode should allow you to prepare and mobilize resources from to the time when they are needed. What could happen next week, even theoretically? There may be new statements from the British or American governments about new economic stimulus measures. However, as we have already found out, there is no direct impact on these actions. There may be unexpected speeches by the top officials of the United States or the United Kingdom, first of all, Trump, who is still the main news-maker in the world, regularly comments on everything that happens. But everything will depend on what the US president says. Until the beginning of the week itself, we would say that the next five trading days will be extremely boring, and the factors that will affect the movement of the pair can be counted on the fingers of one hand. Thus, we still believe that more attention should be paid to technical analysis.

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Recommendations for the GBP/USD pair:

The pound/dollar pair continues to trade inside the side channel. We still believe that a rebound may occur from the upper line of the side channel at 1.2480. The MACD indicator has turned down, therefore, we recommend considering trading in a lower position with the target at 1.2200 at the beginning of a new week. It is recommended to buy the British pound in case the level of 1.2480 is confidently overcome with targets at 1.2584 and 1.2630. You should also keep in mind that the pair is already in a flat, and could remain in it at the beginning of the week.

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EUR/USD. Preview of the week. Easter week. Important reports on US unemployment, retail, and manufacturing applications

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A new trading week begins, which promises to be quite boring. To our great regret, the coronavirus epidemic continues to spread in the world and as of April 12, the total number of infected people is already 1.8 million. About 108,000 deaths were also recorded. Thus, if the pandemic continues to spread at this rate, the quarantine will continue indefinitely, the economy of many countries of the world will continue to stand still, but its volume will not remain in place, which will contract at a very high rate. As we said earlier, the governments and central banks of the European Union and the United States are doing everything in their power to reduce the rate of slowdown in their economies. However, we cannot conclude how effective their actions are, since there is nothing to compare with. The reduced volatility of the EUR/USD pair is a pleasing fact in the current situation. The indicator fell to 33 points a day by the end of the previous trading week. It is clear that such a low value is associated with Good Friday. All banks and markets in the United States and the European Union were closed on this day, so all major players were outside the markets. Approximately the same situation will be observed on April 13, as Easter Monday is celebrated on this day. The calendar of macroeconomic events is completely empty on Tuesday, April 14. Thus, trading could be extremely boring and uninteresting during the start of the new week. Every day we hoped that volatility would subside, panic would leave markets, and traders would calm down for a month and a half now. But, it seems, the time has come to hope for the receipt of at least some information not related to the coronavirus and the growth of activity of market participants.

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Important information will only be available to traders on Wednesday. Retail sales and industrial production for the month of March in the United States will be released on this day. The first indicator is expected to decrease by 6.5-7.0% on a monthly basis. As you can see from the chart above, this will be a record reduction over the past two years. And for the last five years. And for the last ten years. Retail sales excluding car sales may fall by 3%, which is also quite a lot.

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Industrial production is likely to lose 1.5% on an annual basis and 3.8-4.2% on a monthly basis. And I must say that such losses will not be considered high yet. The main thing is that these reports do not work out the same way as it did with the applications for unemployment benefits. Recall that initially experts expected an increase in the number of applications by one million, but in fact the number of new applications was 3.3 million in the first week of the epidemic, then 6.6 and again 6.6. The same could be said for the indicators of retail sales and industrial production. The more these indicators fall, the more likely it is that the US currency will continue its decline. In previous articles, we have already said that the US dollar has lost its advantage over the euro in the form of a strong monetary policy of the Federal Reserve. Now, therefore, the main question is: how much will the EU and US economies contract as a result of the crisis? If the rate of decline is approximately the same, then the euro and the dollar will remain approximately in the same position. If the economy of one of the countries will shrink at a higher rate, then it is its currency that could begin to feel pressure on market participants and in the long term begin to fall in price. Also, now a lot will depend on the emotional and psychological state of market participants. If there are no more new waves of panic, then we can count on reasonable and logical trading. If not, strong movements in different directions and panic could return to the market.. And it will depend only on the further spread of the COVID-2019 virus. More than 530,000 diseases have already been recorded in the United States, and most of them are in New York – the financial center of the United States. The total number of people infected with coronavirus in New York is 160,000. People who had no relatives or money for funerals were being buried in mass graves on Hart island. According to the mayor's office, this island has always produced burials of poor people, but previously the work was carried out no more than once a week. Now it stops only on weekends.

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German inflation for March will be released on Thursday, which experts predict will slow from 1.7% to 1.4% in annual terms.

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Furthermore, EU industrial production will be published with a forecast of 2.0-2.2% in annual terms. It is worth noting that such a reduction in the indicator does not even look like a crisis. EU industrial production has declined at a faster pace over the past two years. Thus, traders are likely to ignore these reports.

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The most important report, from our point of view, will be published last: applications for unemployment benefits in the US for the week of April 11. According to experts' forecasts, this time we should expect another 4.6-4.7 million new applications. Accordingly, the total number of people who lost their jobs over the past month could reach almost 22 million. Recall that the economically active population in the United States is 160 million.

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One report is set for release on Friday, the EU consumer price index for March, which, as predicted, will fall to 0.7% y/y. The core consumer price index may slow to 1.0% y/y. However, this report may also not be of interest to traders.

What can we say about the result? Traders' attention will be drawn again to the US data. Currently published indicators from Europe and Germany are not that important (for example, inflation), or indicators with fairly neutral, completely non-crisis forecasts(for example, industrial production). But the US economy continues to experience a shock, if only based on figures on the state of the labor market and the unemployment rate. However, this week we will still be able to understand how much industrial production and retail sales have decreased, and by these two indicators we will understand at the same rate the US economic indicators will fall, and at what rate unemployment is growing?

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As for the technical picture, volatility could remain low in the first two days, while the euro/dollar pair could remain near the Senkou Span B line of the Ichimoku indicator. Thus, trading will be difficult these days. At the same time, given the general situation in the world, we do not believe that the markets have calmed down so much that now every day we will see a 30-40-point flat. So far, our "correction versus correction" scenario continues to be executed. The immediate goal is still $1.10.

Recommendations for the EUR/USD pair:

We believe that the fundamental background's influence for next week is not that strong. The exception is literally one or two reports. No important speeches or events are planned in the upcoming week. Thus, as before, more attention should be paid precisely to the technical picture. Monday and Tuesday may be flat, so the technical picture will change very slowly. In general, we are waiting for the Senkou Span B line to be overcome and continuing upward movement with targets at 1.1000 and 1.1037 (level of volatility).

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EUR/USD. Results of the week. Markets are coming back to normal. The European and American economies are simultaneously falling.

24-hour timeframe

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Another trading week on the Forex market has ended and after that, we can draw several conclusions. First, the volatility of the EUR/USD currency pair continues to decrease. This means that the activity of large and small traders is becoming less, and Friday showed that the pair can't move at all with the help of small traders. After all, it was on Friday, when all banks were closed to celebrate Good Friday, that the euro/dollar currency pair showed the lowest volatility over the past few months. Thus, the major players in the market were absolutely absent, and all the movement that we saw was the work of small players. Now any trader can understand how important the role of major players is in the exchange rate formation of any currency. It also becomes clear and obvious who was responsible for the month-and-a-half storm in the Forex market. When the "coronavirus" epidemic gained momentum and it became clear to absolutely everyone in the world that this was not a joke or banal flu, investors, traders, and companies began to buy and sell currencies in a panic mode. Since it was completely incomprehensible what awaits the world economy, what awaits the economies of the United States and the EU, when the epidemic will end, what losses will occur, how long the quarantine will last, all market participants relied on their opinions and forecasts when making transactions. And as soon as the pair began to move strongly in any direction, smaller traders immediately joined in and the movement only increased. Now the market seems to be returning to normal. The main thing is that there should be no new shocks in the world. Given the fact that the pandemic continues to spread across Europe and the United States, there may well be new shocks.

So far, we can note the diligent attempts of the US and EU governments, the Fed and ECB, as well as other government and financial structures to slow down the decline of the economy. It is difficult for us to judge whether there is any effect from the measures taken to help the economy. More precisely, of course, there is a positive effect, but both economies continue to contract strongly. Since we don't know what would have happened if no action had been taken, we can't compare the effects. Thus, we have to believe that if it were not for the many trillion-dollar stimulus packages, the situation would be even worse than it is now.

We also note the first macroeconomic reports for March in the United States and in the European Union. Both situations are almost identical. The American labor market collapsed, inflation slowed, and unemployment began to grow. We have received much less macroeconomic information from the European Union, but it is clear that the situation here is no better. Most importantly, both economies are contracting synchronously and are experiencing the same kind of problems. Therefore, neither the US dollar nor the euro has a clear advantage in the foreign exchange market. At the moment, the exchange rate of the currency pair is 1.0935. On February 20, when the panic in the markets began, the exchange rate was 1.0800. If you rewind the time a little more, to a time when no one had ever considered "coronavirus" seriously, the rate was 1.10. Thus, after a month-and-a-half storm, almost nothing has changed in the balance of power between the euro and the dollar. And this is true.

The question is, what is the future of the euro/dollar? We are not ready to predict when the epidemic will end and with what losses the European Union and the United States will come out of it. No one knows. However, we can still highlight one point, and it is, from our point of view, key in the future relationship between the euro and the dollar. This factor is almost complete equality in the key rates of the Fed and the ECB, and the resumption of the quantitative stimulus program by both central banks. Earlier, we regularly, for probably a year, said that the overall balance of forces remains in favor of the dollar. The US economy looked uniquely stronger, all key macroeconomic indicators were higher than European ones, and monetary policy was much more hawkish. Now, both economies are falling synchronously, and the Fed lowered the rate by 1.5% while the ECB left its rate unchanged. Thus, from the huge advantage of the dollar over the euro, it became minuscule. The epidemic will end sooner or later, the quarantine will also be completed, and it turns out that the main question now is how much will both economies fall? If there are approximately the same losses, then the euro and the dollar will be in the same conditions and preference in the long term will not be given to anyone. And the US currency will no longer have a strong monetary policy factor.

And of course, we can't help but note the actions and statements of Donald Trump, who at any time remains the main news-maker. For example, this week, Trump accused the WHO of "completely failing to contain the epidemic." Trump also said that he would consider cutting funding for the organization and accused it of spending the most money on its maintenance by Americans, while the WHO itself spends money on China. Earlier, the angry hand of Trump fell on China itself for spreading the infection, for misinformation around the world, which led to the fact that the infection could not be localized in time. The American leader himself does not consider himself guilty of anything. Moreover, Trump changes his own testimony, comments, and attitude to any issue with surprising ease and regularity. Then Trump says that the COVID-2019 virus does not pose any threat to Americans and will not survive the spring. Then the American President says that from the very beginning he knew everything about the virus's lethality, but "did not want to deprive people of hope." In general, it is impossible to understand Donald Trump.

From a technical point of view, there is currently no trend in the 24-hour timeframe. "Correction vs correction vs correction" is visible to the naked eye. Thus, we still believe that the quotes will rise to the area of the Kijun-sen line or slightly lower, where the final consolidation of the currency pair will take place. No one knows what will happen after that. Everything will depend on the results of the fight against the pandemic and the scale of the decline of the European and American economies.

Trading recommendations:

On the 24-hour timeframe, the euro/dollar pair is again adjusted to the critical line. However, we believe that it is best to trade now using the 4-hour timeframe analysis, since there is no trend on the current chart. On the 4-hour chart, we believe that the future fate of the pair will be determined in the area of 1.09-1.10.

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