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Thursday, April 16th—today's news: total worldwide coronavirus cases surpass 2 million. European markets are trading higher as countries look to lift restrictions, IMF warns Asia will have no economic growth in 2020 for the first time in 60 years. EUR/USD is at 1.0867, GBP/USD—1.2473; Brent oil is $28.29 per barrel, gold is $1,753.55. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The pair is turning down due to the rising crude oil prices after Wednesday’s sell-off. The positive dynamics of futures for major stock indices in Europe and the US also puts pressure on the pair. If this positive sentiment persists, while today’s US unemployment claims are fewer, expect a new decline of the pair. Keep track of the rate changes in real-time.
Trading recommendations: sell the pair after it crosses 1.4080 with a local target of 1.3865.
A round intermediate level of 1.2150 holds back the bulls. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. The inclined channel of the ascending pattern is broken through presumably by the first wave of the forming pattern 1-2-3. Keep track of the rate changes in real-time.
Trading recommendations: sell while a pattern 1-2-3 is forming, below 1.2037; stop loss: 1.2150; target levels: 1.1937, 1.1715, 1.1520; if the local maximum is updated, cancel the trading plan.
Price pivot zone 28.66 holds back buyers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. A break of the support level of 27.40 will result in the formation of a downward 1-2-3 pattern. Keep track of the rate changes in real-time.
Trading recommendations: sell below 27.40; stop loss: 28.66; target levels: 26.43, 25.47, 24.00.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.