EUR / USD daily, 16 Apr 2020 by Forextrade89TH

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EUR / USD daily, 16 Apr 2020 #IdeaTrade

The corona virus outbreak has put a lot of negative pressure on the US market. Even the announcement of the Federal Reserve's interest rate cut to almost 0% is an incentive to sell the US dollar. As such, the pound is usually weaker against the US dollar. The market opens today at local time in Japan at the price of 1.08870, but what is interesting is that USD Still weaker than the euro, with the key support at 1.08400.

Today would have to follow important economic news in the afternoon by Thailand. 15.00 hrs. German business Survey of wholesale and retail institutes of IFO from previous forecasts The actual value is 86.10, predicted at 87.75. The German Business Index Report If the predicted value is higher than what is considered positive If below expectations for a negative nature affecting the euro this afternoon As for important news about the US dollar

Evening time in Thailand. 19.30 hrs. Report on the number of building permits. Philadelphia Central Bank Production Sector Report April Which the actual predictions Real house construction permit value at 1.464 million, as expected by 1.500 million

And report the number of people applying for unemployment benefits. Actual value 6,606k, the predicted area of ​​5,250K, both of which have a negative effect on the US economy. The current estimate of the EURUSD index is currently at 1.08890, probably going to fall above the Demand Zone at 1.08400, which is a significant support. And is an important guideline in buying to buy at this price before may rise to the fundamentals of the US economy that is negative from the news.

Today's economy may have a Buy accumulation price above the Demand Zone support up to the highest price of 1.101XX. Fundamentals, including the spread of the virus that is still rising in United States itself Therefore, it is expected that the US dollar will remain significantly weak in the middle of this week.

Note: These are only predictions. Depending on the current market factors and the economy of that currency

Source: Patin Economy, Investing

Analyzed by Forextrade89TH

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