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04.04.2022 05:45 AM
Forecast for EUR/USD on April 4, 2022

Friday's US labor data turned out to be good: 431,000 jobs were created in the non-farm sector, the share of the economically active population increased from 62.3% to 62.4%, unemployment fell from 3.8% to 3.6%. The indicators are quite suitable for maintaining investor sentiment for a double rate hike by the Federal Reserve in May.

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The euro fell by 22 points on Friday and visually the Thursday-Friday movement looks like a correction from all the complex construction since March 8th. If this is still a correction, then we are waiting for it to continue to the level of 1.0945 - to a low of March 28, if not, then after settling under 1.0945 we are waiting for a further decline to the target level of 1.0820. From a purely technical point of view, the bears have a great reason to fight for overcoming the forming line of the Fibonacci channel (1.0707), since after it is surpassed, there are very big prospects for the euro's decline below parity. Based on the classical theory of price levels, the road to parity opens with overcoming the level of 1.0636, which is the March 2020 low. But four figures is still not a short way, there may be various obstacles on it.

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The price settled below the MACD line on the four-hour chart, the Marlin Oscillator is falling in the negative area. We are waiting for the price at the first target level of 1.0945.

Laurie Bailey,
Analytical expert of InstaForex
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