Forex Analysis & Reviews: 11.04.2023 - Hot forecast for EUR/USD on...

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex - Official partner of Dragon Racing

11.04.2023 09:37 AM

Hot forecast for EUR/USD on 11/04/2023

Despite the ongoing holidays in Europe and the complete absence of any macro data, just before the opening of the US trading session, that is, in the pre-market, the dollar noticeably strengthened. Moreover, this happened quite rapidly. Afterwards it gradually returned to its previous values. It is unlikely that this was a market reaction to the United States Department of Labor report. Most likely, it was just a random surge after the long weekend. The market was virtually inactive for almost four days, taking into account the holidays, of course. After all, both Europe and North America were on holiday on Friday. The subsequent return of quotes to their original positions indicates that this is a random jump of a purely speculative nature.

Today is a full-fledged trading day. And macro data is set to be published, which will undoubtedly influence investors' sentiment. The eurozone retail sales report will be released, with the decline rate expected to accelerate from -2.3% to -3.1%. Consumer activity, and retail sales being its best indicator, directly affects economic dynamics, and its decline indicates a downturn in the economy. This is especially true when it comes to accelerating this very decline. In other words, there seems to be no reason for the single currency to rise. Rather, on the contrary, there are prerequisites for its decline.

Retail sales (Europe):

EURUSD prolonged the pullback. As a result, the overall scale of the euro's weakening from the local high reached about 1.3%, which is approximately 140 points. If we compare this movement with the scale of the upward cycle from the middle of March, we can notice that the bullish sentiment persists since the overall market momentum has not been disrupted in any way.

On the four-hour chart, the RSI technical indicator is hovering in the lower area of 30/50, which points to the pullback stage. On the daily chart, the RSI is hovering in the upper area, which corresponds to the medium-term cycle.

On the four-hour chart, the Alligator's MAs are headed downwards, this correlates with the pullback stage. On the daily chart, the Alligator's MAs are headed upwards, which corresponds to the price's movement.

Outlook

The speculative decline that took place during the past day has been almost entirely played out. An increase in the volume of long positions emerged around the 1.0830 level, meaning the quote nearly reached the 1.0800 support level. For a technical signal indicating the end of the pullback stage, the quote needs to return above the 1.0950 level. In this case, there is a high probability of breaking the psychological level of 1.1000, which, in turn, will prolong the uptrend in the medium-term.

The bearish scenario considers the subsequent construction of a pullback, where, in case the price returns below the 1.0850 mark, the quote is likely to reach the 1.0800 level.

In terms of the complex indicator analysis, we see that in the short-term, technical indicators are pointing to an uptrend due to the rate of the euro's recovery relative to the recent decline. Meanwhile, in the intraday period, the indicators are focused on the downward cycle, which happened during the pullback period. And in the mid-term, the indicators are reflecting an upward cycle.

You have already liked this post today

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