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Forex Analysis & Reviews: Forecast for EUR/USD on April 27, 2021
EUR/USD Yesterday, the euro marked a downward turn after a correctional growth of 61.8% of the movement from January 6 to March 31. The first sign of it was when the divergence formed on the four-hour chart. The reversal should take place in two stages: consolidating under the MACD indicator line at H4 and settling under the same indicator line on the daily (1.1980).
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The growth will likely recover after the price goes over yesterday's high at 1.2117. In this case, the target will be the 76.4% correction level at the price of 1.2200. We choose a price reversal and a further medium-term decline as the main scenario, since the price still develops in the global descending channel, which originates from July 2008.
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So, we are waiting for the price to settle below 1.2060 and fall to 1.1980.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on April 28, 2021
EUR/USD The euro's situation has not changed over the past day. After an attempt to decline, this morning the price is found at the opening levels of Tuesday. Obviously, investors were waiting for the Federal Reserve meeting, which will happen today. The Marlin oscillator dropped a little more on the daily chart, the target along the MACD line at 1.1980 began to stand out more visually.
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The price could not settle under the MACD line on the four-hour chart, the Marlin oscillator got stuck on the border of the bears' territory. Pushing the price to settle below 1.2070 opens the target at 1.1980.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 29, 2021
Technical Market Outlook:
The EUR/USD pair has been seen moving higher despite the several candlestick patterns warning about the potential local trend termination. The recent rally made the approach towards the level of 1.2149, just below the lower level of the supply zone located between the levels of 1.2154 - 1.2178. Please notice, the market conditions on the daily time frame chart are now overbought, so the chances for another wave up are decreasing and the pull-back or correction might start to develop soon. The next key technical support is seen at the level of 1.2011 and 1.1953.
Weekly Pivot Points:
WR3 - 1.2320
WR2 - 1.2206
WR1 - 1.2167
Weekly Pivot - 1.2057
WS1 - 1.2010
WS2 - 1.1890
WS3 - 1.1850
Trading Recommendations:
The weekly time frame chart show the counter-trend corrective cycle is still in progress, but if the trend line on the daily time frame chart is violated, then the up trend might be considered done. The corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 30, 2021
Technical Market Outlook:
The GBP/USD pair has been rejected from the supply zone located between the levels of 1.3965 - 1.4000. The local high was made at the level of 1.3975, but then the bearish pressure started to intensify. The momentum is strong and positive, so another wave up above the level of 1.4000 is still on table. The local technical support is located at the level of 1.3923. Any violation of the swing high at the level of 1.4007 will open the road towards the level of 1.4080 as a next target for bulls.
Weekly Pivot Points:
WR3 - 1.4166
WR2 - 1.4086
WR1 - 1.3971
Weekly Pivot - 1.3890
WS1 - 1.3768
WS2 - 1.3692
WS3 - 1.3573
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4374.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on May 3, 2021
EUR/USD
Last Friday, the euro plummeted 100 points, dropping one point below its opening on April 20th. Our bewilderment regarding the euro's growth in the last ten days has been resolved - it turned out to be speculative. Investors definitely didn't believe Federal Reserve Chairman Jerome Powell's vague explanation of the stability (absence) of inflation.
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The price fell below the 50.0% Fibonacci level on the daily chart. Falling below the 38.2% level (1.1952) opens the way to the lower embedded line of the price channel in the 1.1675 area.
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A downward situation has developed on the four-hour chart: the price is below the balance and MACD indicator lines, the MACD line itself is turning down, while the Marlin oscillator is in the negative trend area. We anticipate the euro's decline. The first target is 1.1952.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on May 4, 2021
EUR/USD
In a relatively thin market on Monday (it was a holiday in Japan, China and the UK), the dollar did not dare to continue its Friday offensive. PMI indices showed deterioration in both Europe and the United States. The manufacturing PMI of the eurozone for April in the final assessment was lowered from 63.3 to 62.9, the US ISM Manufacturing PMI showed 60.7 points instead of the expected 65.0. Today, industrial orders in the US for March are expected to grow by 1.3%.
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In today's Asian session, the price is making a second attempt to overcome the support of the 50.0% Fibonacci level (1.2025). It could be successful if the quote reaches 1.1952 in the coming days (Fibonacci level 38.2% per daily).
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The balance indicator line stopped yesterday's corrective growth on the four-hour chart. The Marlin oscillator is turning to the downside without leaving the downward trend area. We are waiting for the price to settle under 1.2025 and further downward movement.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on May 5, 2021
EUR/USD
The euro fell by 50 points on Tuesday, breaching the 50.0% Fibonacci level. Today's task is to settle below this level (1.2025). The price still needs some time to reach the 1.1952 target level, perhaps two days, since the price is still above the MACD line and the Marlin oscillator is in the zone of positive values.
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The price did not form a strong convergence with Marlin on the H4 chart. It is possible for it to settle below the 1.2025 level (the goal for today) before it falls even deeper.
https://forex-images.ifxdb.com/userf...7b_source!.jpg
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for USD/JPY on May 6, 2021
USD/JPY
The Japanese yen is in an interesting position: the current price on the daily chart is between the balance and MACD indicator lines, between the target levels of 109.26 and 109.60, it does not go beyond Tuesday's range, while the Marlin oscillator is sideways on the zero line. The price is clearly waiting for "an event" with which it will go on a medium-term track. Probably, such an event will be the release of the US employment report on Friday. And since the data is forecast to be strong, the price might reach the 110.43 target level by tomorrow, by the end of the week.
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The price is supported by the balance indicator line on the H4 chart, Marlin is in the negative zone, but since its peak on April 28 it has already unloaded against the price growth and is now ready to follow it, that is, assuming the role of a trailing instrument. We are waiting for the development of events.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on May 7, 2021
EUR/USD
The euro did not wait for the US employment report to be released today and, bouncing off the MACD indicator line, rose by 60 points yesterday. We underestimated the impact of this technical instrument, relying on the idea of market consolidation ahead of Friday's report. Nevertheless, the market is still in a position for growth, the bulls realized the remaining potential, but now, after testing the MACD line, the next branch of the price decline can overcome it without delay. The technical task of the price remains the same - to overcome 1.2025, then move to 1.1952. Targets are determined at 50.0% and 38.2% Fibonacci levels on the daily chart. The third target is 1.1856.
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The MACD line at 1.2080 is an obstacle to price growth on the four-hour chart. Today's US employment report is expected to be strong: for new jobs in the nonfarm sector, the consensus forecast is 978,000, the overall unemployment rate is 5.8% against 6.0% in March. We are waiting for the euro to fall.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Ripple for May 10, 2021
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Ripple is on the move higher again after a correction to 1.3210. The rally following this low is clearly a five wave rally indicating that the impulsive rally higher to 1.9670 and above is in motion. Short-term we are looking for a break above minor resistance at 1.6957 and 1.7636 to confirm the rally higher to 1.9670 and ultimately above here to for a continuation towards 3.31 as the next long term target.
Support is now seen at 1.5100 which ideally will be able to act as a floor for the expected rally higher.
Trading recommendation:
Buy Ripple for more upside pressure towards 1.9665 and ultimately higher to 3.31.
Analysis are provided byInstaForex.
