RobertPapon

Analysis and forecast for EUR/USD for Thursday 08/04

FX:EURUSD   Euro / U.S. Dollar
In the first part of the day we saw increases in the 1.0889 area which can be treated as an adjustment to recent declines. Around 1.09 level become active in the supply, which we defend the resistance which automatically led to declines in the vicinity of 1.08. Then the market waited for an hour 20:00 when we got to know the records of the minutes of the FOMC. Quite surprising information that we learned led to further declines in around 1.0763.

(Several members of the FOMC said that the Fed would begin in mid-year increases in interest rates). Note, however, that these are the notes from the March meeting and recently met a very weak labor market data. In conclusion possible that do not reflect the actual feelings of some members of the Fed.

Economic Calendar for Thursday:

Germany: industrial production and trade balance
US: ascendant declared to the unemployed

Forecast for Thursday:


Currently, the market is in the area of support levels and after a fairly strong chance of selling out draws a small rebound. Keep in mind that the first major resistance level will be 1.08 and 1.0850 level. In this area should begin playing the supply side, which will lead to a further decrease in the vicinity of 1.08 and lower. In this scenario, if the final goal should be the level of 1.07. In the chart below we can see that the course is in a downward channel and just raise up 1.0850 may lead to increases in the vicinity of 1.09.

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