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29.04.202406:00 Forex Analyse & Reviews: Forecast for EUR/USD on April 29, 2024

EUR/USD

On Friday, the euro fell by 36 pips on significant trading volumes. The reason behind this was the US inflation data, as US PCE inflation rose by 2.7% YoY in March, compared to 2.5% prior. So now the market only expects one rate cut from the Federal Reserve this year, which has a 60% chance.

Exchange Rates 29.04.2024 analysis

Concerns have intensified, as some believe a potential rate hike may happen by the end of the year (in December), especially since the Fed has suggested something similar. So now we can assume that the corrective rise, which began on April 17th, has ended, and now the euro is heading towards the target range of 1.0636/56. Consolidation below it opens up the nearest target at 1.0567. The Marlin oscillator failed to reach the zero line on the daily scale, evidently due to its weakness.

Exchange Rates 29.04.2024 analysis

On Friday, on the 4-hour chart, the price turned down from the intermediate level of 1.0757, which proved to be strong. The signal line of the Marlin oscillator has settled in the downtrend area, and the oscillator will help the price in overcoming the MACD line (1.0672) and then breaking through the support range.

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

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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