Forecast for the currency pair EUR / USD

Published on 23.04.2020 14:21

Forecast of the currency pair EUR / USD


Today we continue to talk about the EUR / USD, as there was a breakthrough of support at 1.0825, but the target of 1.0775 has not yet been reached. With the opening of the European trading session, buyers made a false breakout of the resistance of 1.0825, which previously served as a support, but the risk of a further decline to 1.0775 and further to 1.0725 remains a possibility.
Trading outlook:
The main scenario.
This scenario allows for a decline to 1.0775. At the same time, a further decline is possible only if a strong bullish fundamental factor appears for the USD - which is unlikely.
Alternative scenario.
The return of quotes above 1.0825 will not only cancel the main scenario, but also indicate the willingness of buyers to return to 1.0870 and further to 1.0900.
Pressure is being exerted by weak PMI data from France. The release of reports from Germany and the eurozone as a whole may put additional pressure on the pair, thereby increasing the chances of the main scenario.
The above review is not a direct guide to trading, and can only be classed as recommendations