Trading plan for 30/04/2018 - Forex247

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Monday, April 30, 2018

Trading plan for 30/04/2018

There is not much movement overnight in the currency market. The most important report was the Manufacturing PMI from China that slightly beat the expectations. Most of the currency markets are still range bound: EUR/USD below 1.2150, GBP/USD below 1.3800, USD/JPY below 109.50.

On Monday, 30th of April, the event calendar is light in key data releases, but the market participants should keep an eye on Personal Spending and Chicago PMI data from the US.

EUR/USD analysis for 30/04/2018:

In the afternoon, we will get the inflation data from Germany. The HICP readings from Germany will suggest which direction the eurozone economy is most in line with as Friday's estimates of inflation from France and Spain can be considered mixed. In addition, attention should be paid to the publication of the PCE inflation from the US. The last GDP report has revised the readings a bit, expecting growth of only 0.1% for March. However, it will be enough for core inflation to grow to 1.9% on a yearly basis.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market has bounced from the level of 1.2054 and currently is trying to test the technical resistance at the level of 1.2154. Only a breakout above this level would open the road towards the next technical resistance at the level of 1.2215. The extremely oversold market conditions are supporting the short-term corrective bounce towards the mentioned levels.

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The material has been provided by InstaForex Company - www.instaforex.com


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