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Data on industrial production in Europe showed an increase of 2.0% after a decline of 1.5%. It is worth considering that these data were for February and they are no longer relevant due to the current situation in the world. March figures will definitely be worse.
During the American trading session, US existing home sales data for March were released, which recorded a 2.7% decline. This is a negative indicator for the US real estate market.
The EURUSD currency pair rose above the level of 1.0800 in the pullback stage. This movement fits into the structure of a downward trend. Therefore, traders see it as a regrouping of trading forces before the subsequent decline.
The GBPUSD currency pair managed to rebound from the support level of 1.3000. This led to the formation of a small-scale pullback from the support. With all this price change, the quote is still at the base of the medium-term downward trend. Thus, maintaining a chance for a subsequent increase in the volume of short positions.
Today, inflation data in Europe will be released, where a further increase in consumer prices is expected from 5.9% to 7.5%. It is worth considering that these data are final for March, where in case of confirmation of the preliminary assessment, one should not expect any reaction from the market. In simple words, the data is already included in the price. If the final data differ from the preliminary estimate (7.5%), in this case, speculative interest in the market may arise. Note that inflation has already broken through all conceivable and inconceivable limits, this is a negative fact for the EU economy.
During the American trading session, weekly data on the number of applications for unemployment benefits in the United States will be published, which is expected to reduce in volume.
Statistics details:
The volume of initial claims for unemployment benefits may grow from 166,000 to 171,000.
The volume of continuing claims for benefits may be reduced from 1.523 million to 1.5 million.
Time targeting
EU inflation - 09:00 UTC
U.S. Applications - 12:30 UTC
The first signal to sell the euro will come from the market when the price returns below 1.0800. This move will indicate the process of restoring the volume of short positions. The main signal to sell the euro will occur when the price holds below 1.0750 in a four-hour period.
Until the execution of the second signal to sell the euro, there is still a risk of further formation of a pullback, eventually turning into a flat.
In this situation, the current pullback fits within the boundaries of the deviation of the psychological level. This can lead to an amplitude movement, which will slow down the formation of a pullback. The main signal to prolong the downward trend is waiting for us after holding the price below 1.2950 in a four-hour period.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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