Hot Prediction for EUR/USD for April 18, 2024 – Prediction – April 19, 2024
In the absence of economic reports or other news that could impact the market, investors have finally taken notice of the dollar’s overbought status. So there was nothing to stop the local correction, but it was still far from over. Market imbalances have decreased but not disappeared completely. And aside from U.S. jobless claims data, today’s economic calendar is blank. And with the U.S. dollar still overbought, these reports aren’t particularly important. Moreover, claims are expected to increase by 4,000, which is an incredibly small number. So basically you can say that nothing will change. These minor changes cannot affect investor sentiment. That means the pair is likely to correct higher on Thursday.
The EUR/USD pair has started its long-awaited corrective move. The support level at 1.0600 played a role in approaching the latest quote.
RSI broke out of the oversold zone on the 4-hour chart and crossed above the 50 moving average. This means that the volume of long euro positions has increased.
Over the same period, two of Alligator’s three MAs are intertwined, a sign that the downtrend cycle is slowing.
eyesight
Given the extent of the euro’s weakness, one could assume there is still room for further movement. For this reason, the pair is expected to rise towards the 1.0700 level.
