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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).

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
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