EUR/USD
On Monday, the personal expenses of consumers in the US for March came out much better than the forecast: 0.9% against 0.7%. "Significantly" because it is the largest monthly increase since October 2017. Personal income, on the contrary, showed a weak increase – only 0.1% against the forecast of 0.4%. In general, it is still a clear positive, but, as in the case of Friday's GDP, the markets played a little in favor of the euro and other counter-dollar currencies. Probably, investors decided to realize the accumulated potential on another day. Perhaps it will be tomorrow, in a thin market, when European markets will be closed due to the holiday. On the same day, the Fed will announce a decision on monetary policy.
At the moment, the price is held by the red indicator balance line on the four-hour chart. Given the slow growth of the price, the balance line may remain above the quote until about 1.1212, where the price will meet the MACD line. On the daily chart, this price level coincides with the Fibonacci level of 100%.
But the reversal of the euro can occur today. At 10:00 London time, the eurozone's GDP will come out for the 1st quarter, a forecast of 0.3% against 0.2% in the 4th quarter, and here investors may experience disappointment since all previous economic indicators looked very weak. The forecast is overstated.
We are waiting for the situation to develop, the euro will turn in the coming days, the goals are the same: 1.1075, 1.0985.
The material has been provided by InstaForex Company - www.instaforex.com