EUR/USD: outlook for April 24-28

EUR/USD: outlook for April 24-28

2019-11-11 • Updated

EUR/USD was unable to rise above 1.0770 during the past week. The market’s attention is glued to the first round on French election on Sunday, April 23.

One the one hand, the environment seems to be favorable for the single currency: the euro area’s flash manufacturing PMIs came out strong, and the pro-euro centrist Emmanuel Macron is leading in the opinion polls. On the other hand, the polls show that far right candidate Marie Le Pen and hard left challenger Jean-Luc Melenchon are not far behind. As a result, the vote’s outcome still looks unpredictable and contains risks for the euro.

If Macron manages to rank first or second in Sunday’s election, investors will sigh with relief as he is seen easily winning the runoff vote on May 7. In this case, the euro will jump. Potential targets lie at 1.0830 (February high) and 1.0900 (March high). If Macron doesn’t pass to the next tour, we’ll see another test of support at 1.0600 and likely the psychological support at 1.0500. If this latter level is broken, then EUR/USD will be vulnerable for a test of 2017 low in 1.0350 area.

Among other events, which will drive the euro’s value in the coming days we should focus on the European Central Bank’s meeting on Thursday. After the previous ECB meeting on March 9 investors increased expectations for the central bank’s policy tightening in the foreseeable future. At the end of March. However, these expectations have evaporated. This time the press conference of president Mario Draghi will get special attention of Forex traders and we expect a spike in volatility. In addition, don’t miss the ECB’s flash inflation figures for April on Friday.      

Similar

Pound Sterling’s Foggy Future
Pound Sterling’s Foggy Future

Weaker recoveries were seen in both the UK manufacturing and service sectors, with the latter recording the greatest loss of momentum since July.

Latest news

Gold and the Majors ahead of the NFP
Gold and the Majors ahead of the NFP

Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.

The Oil Market in the Month of June
The Oil Market in the Month of June

Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.

Gold’s Next Move Could Be Huge!
Gold’s Next Move Could Be Huge!

Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera