On Wednesday, the euro managed to overcome the pressure on Tuesday, with the EUR/USD pair rising by 70 points, setting a new high for the year as the day’s peak. Now a traditional technical condition for reversal has been created – the divergence of the price with the oscillator. Overcoming the MACD line on the daily chart at 1.0910, which coincides with the April 17th low, will confirm this.
The anticipation of the Federal Reserve and European Central Bank meetings is taking place in a tense atmosphere. Yesterday, rumors intensified that the ECB would raise the rate by 0.50%. Today, the US GDP for the 1st quarter will be published – the forecast is 2.0%, but many consulting companies see a significantly lower figure, which may further dampen the Fed’s sentiment. As a result, the price could surge, to the target level of 1.1185 – this is the peak of March 31, 2022, and the low of November 24, 2021. Overcoming yesterday’s peak of 1.1096 will be the signal for such growth.
On the four-hour chart, the price has settled above the 1.1033 level, growth has resumed above the indicator lines, and the Marlin oscillator is in the growth zone. The probability of continuing this growth is 40%. We are waiting for the release of US GDP data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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