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Analysis and forecast of EUR / USD for today, April 29, 2021

On Wednesday, EUR / USD strengthened 0.29% and closed trading at 1.2125.

At the European session, the pair was decreasing, but sellers failed to break through the support at 1.2056, which was immediately used by buyers who seized the initiative.

The bulls felt most confident during the speech of Jerome Powell, who noted that the economic recovery is at the very beginning, so all talk about the reduction of the asset purchase program will remain talk. According to the head of the FRS, the regulator will consider the transition to the normalization of monetary policy only if the targets for employment and inflation are met.

Also read  EUR / USD and GBP / USD April 30 - technical analysis recommendations

The asset is currently quoted at 1.2117. Major currencies, with the exception of the franc and the yen, are trading up against the dollar. British Sterling gained 0.24% since the start of trading.

Important support passes through 1.2094 (point 4 on the chart). Corrective decline from the upward wave 1.2056-1.2150 amounted to 38.25% on the Fibonacci grid.

The nearest resistance 1.2150 (point 2 on the chart) is the line connecting the peaks 1.2080 and 1.2117.

The decline in the EUR / GBP cross makes it difficult for the EUR / USD to rise, although the overall sentiment on the main currency risk remains bullish.

Also read  Overview of the EUR / USD pair. May 3rd. Money will be withdrawn from the American economy through wealthy corporations and Americans.

A block of important US statistics will be released at the American session, after which an increase in volatility is expected on the market.

EURUSD_H1
EURUSD_H1

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