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EURUSD: breakout of the upwards channel looming


On Monday the 9th of April, trading on the EURUSD pair closed up. The rate rose to 1.2330 during the US session.

Currency markets were influenced by a number of factors, including tense relations between the US, Russia, and China, as well as an escalation in the situation in Syria. Additionally, the single currency was given a boost from comments by ECB President Mario Draghi. He stated that the regulator was confident of hitting its mid-term inflation targets.

Day’s news (GMT+3):

  • 09:45 France: industrial production (Feb).
  • 11:30 USA: FOMC member Kaplan’s speech.
  • 12:30 UK: MPC member Haldane’s speech.
  • 15:30 Canada: building permits (Feb).
  • 15:30 USA: PPI (Mar).

Fig 1. EURUSD hourly chart. Source: TradingView

Yesterday, I made a forecast up to Wednesday. The first part has come off as expected. Growth on our pair stopped at the 90th degree (1.2330). In Asia, our pair is trading at 1.2309.

I’ve left yesterday’s forecast on today’s chart. The target remains at 1.2265. For Tuesday, I’ve made a new forecast. During Europe’s trading session today, I expect to see the pair break out of the channel downwards towards the 45th degree at 1.2275. The economic calendar is fairly empty today, so there shouldn’t be anything to stop the bears from recovering yesterday’s losses.

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