empty
 
 
en
Support
Instant account opening
Trading Platform
Deposit/Withdraw

01.04.202408:57 Forex Analysis & Reviews: Technical analysis of EUR/USD for April 1-6, 2024

Trend analysis

EUR/USD may start moving upward this week, rising from 1.0793 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0864 (red dashed line). Upon testing this level, the pair will move further up towards the 50% retracement level of 1.0916 (red dashed line).

Exchange Rates 01.04.2024 analysis

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

Therefore, during the week, euro will climb from 1.0793 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0864 (red dashed line), followed by a further rise to the 50% retracement level of 1.0916 (red dashed line).

Alternatively, it could decline from 1.0793 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0759 (red dashed line), and then rise to the 50% retracement level of 1.0916 (red dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.