How To Make Money Today: Daily Market Analysis and Forex Trading Signals 7 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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EUR/USD :
On the H4 timeframe, prices are at a key pivot. We see the potential for a bounce from our 1st support at 1.08891 which is an area of Fibonacci confluences towards our 1st resistance at 1.09896 in line with 38.2% Fibonacci retracement. RSI is on bullish momentum, further supporting our bullish bias.
Areas of consideration :
- H4 1st resistance at 1.09896
- H4 1st support at 1.08891
EUR/USD recovers from lows and rises to 1.0900 and beyond.
- The EUR/USD has now risen over the 1.0900 level.
- In February, German industrial production increased by 0.2 percent on a month-over-month basis.
- In the US docket, Weekly Claims and Fedspeak are the next items of interest.
The EUR/USD managed to somewhat recover from its recent severe selloff on Thursday, rising over 1.0900.
EUR/USD supported near 1.0870
On the strength of the resumed selling bias in the dollar, the EUR/USD regains some stability following five straight daily retracements.
Indeed, the dollar gives up a portion of its recent robust climb to new cycle highs at 99.80, as investors cash in some of their gains and absorb the FOMC Minutes released late on Wednesday.
The Minutes were devoid of surprises, as they leaned hawkish after offering further information on the unwinding of the bond-purchase programme, as well as demonstrating many members’ support for a higher rate increase.
Following the performance of global cash markets on Thursday, German 10-year bund rates have dipped from recent highs and are currently hovering around 0.62 percent.
In terms of domestic statistics, Germany’s Industrial Production increased by 0.2 percent on a monthly basis in February. EMU Retail Sales, seconded by the ECB’s Accounts, are coming later in the session. Initial Claims and Consumer Credit Change will be released on the other side of the Atlantic, and FOMC members Bullard, Evans, Bostic, and Williams will speak.
What to look for around EUR
Although the EUR/USD continues under pressure, it has managed to recover from the 1.0870 level and recapture the 1.0900 level so far. The pair’s recent dismal performance was a result of the stronger greenback and heightened geopolitical fears. As is customary, speculation that the ECB will raise rates before the end of the year should bolster pockets of strength in the single currency, while higher German yields, higher inflation, the moderate pace of the economic recovery, and positive results from key regional fundamentals are also supportive of a euro rebound.
This week’s key euro-area events include: Germany Industrial Production, EMU Retail Sales, and ECB Accounts (all on Thursday) – France Presidential Election (Sunday, April 10).
Asymmetric economic recovery post-pandemic in the euro region is one of the most pressing challenges on the back burner. There is talk of the ECB tightening/tapering later this year. In April, France will have presidential elections. The geopolitical war in Ukraine has had an impact.
EUR/USD levels to watch
So far, spot is up 0.09 percent at 1.0901, with the next upside targets being 1.1156 (55-day SMA), 1.1184 (weekly high March 31), and 1.1226. (100-day SMA). A fall of 1.0874 (monthly low April 6) on the other hand, would target 1.0805 (2022 low March 7) on the way to 1.0766. (monthly low May 7 2020).
The EUR/USD is poised to test critical support around 1.0806, according to MUFG.
The euro continues to trade on a lower level. The EUR/USD pair seems prepared to test the bottom from March 7th at 1.0806 unless the European Central Bank (ECB) surprises with a hawkish surprise, according to MUFG analysts.
Ukraine conflict remain weight on EUR
“The market action continues to strongly imply that a de-escalation of the Ukraine war is necessary to reverse the euro’s present negative trend.”
“Without a substantial hawkish policy surprise from the ECB that pushes rate increase expectations earlier into Q3, the euro should stay weak in the short term.”
“On the downside, the low from March 7th, which comes in at 1.0806, is a significant technical support level to monitor.”
“Today’s important event to monitor is the publication of the account from the March ECB policy meeting, which provides some upside risk for the euro, despite the fact that it is generally not a large market mover.”
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