EUR/USD analysis for April 05 2021 - Completion of the ABC upside correction and downside continue towards 1.1600

Australia - Melbourne Institute monthly CPI inflation for March +0.4% m/m (prior 0.1%)

Official CPI data is once a quarter in Australia, this privately produced monthly guide is a good heads up for the quarterly data. 0.4% m/m vs. February at +0.1%1.8% y/y (1.6% prior)The trimmed mean measures:0.5% m/m vs. February at 0.1% 0.7% y/y (0.3% in Feb)The RBA target band for core inflation (trimmed mean is a guide to this) is 2 to 3% y/y.Further Development

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Analyzing the current trading chart of EUR/USD, I found that there is completion of the ABC upside correction and the downside movement can continue.Watch for selling opportunities on the rallies with the downside targets at the price of 1.1704 and 1.1600.Stochastic oscillator is in the overbought zone, which is another sign for downside movement.

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