April 27th, The euro is ready to continue to grow

On Monday, April 26, trading in the EUR/USD pair ended with a decline. The euro fell 0.10% against the US dollar to 1.2085. In the European session, there was a downward correction after Friday's growth. Investors and speculators have been wary ahead of the Federal Reserve's monetary policy meeting this week.

Scheduled statistics (GMT +3):

• 13:00 in Britain will be released retail sales index according to the Confederation of British Industrialists for April.
• 16:00 the US is to publish the S & P / Case-Shiller Home Price Index for February
• 17:00 the Fed's Richmond Consumer Confidence and Manufacturing Index for April.
• 23:00 the head of the Bank of Canada T. McLeam will deliver a speech.

Current situation:

On Monday, in the European session, the euro fell to the support formed from the 45th degree (2) and the balance line (SMA55). The price bounced up from it to 1.2094. Today in Asian trading, the price came back, as if the buyers did not have enough acceleration to continue the rally. Major currencies are trading in the red.

At the time of writing, the euro is worth 1.2071. Technically, the pair is ready to continue growing to 1.2116 (1). The yield on 10-year US bonds is 1.576%, being in the range of 1.532-1.595% per annum for four days. The market is awaiting the FOMC meeting and J. Powell's speech.

The euro has corrected nicely and is ready for a recovery. Growth is held back by the euro crosses and the general strengthening of the dollar. The pairs with the euro show multidirectional dynamics. The Canadian, the yen, the Australian and the dollar are bought for the euro.

The price is trading above the 45th degree (2), which means there is a high probability of going up to the level of 1.2116 (2) before Powell's press conference. The trend line on the bar at 9:00 passes through 1.2041 (4). If the activity of buyers is low, you will have to retreat to the trend line.

Summary: on Monday, the EUR/USD pair corrected to the balance line and the 45th degree (2). The rollback is enough to continue the upward movement with the target at 1.2116 (1). The economic calendar is poor for Europe. Buyers need activity in the European session, otherwise they will have to retreat to the 1.2041 trend line (4).

The upcoming FOMC meeting and J. Powell's speech, as well as the absence of a decline in Treasury bond yields, act as a restraining factor for the strengthening of the euro. Also, the euro is under pressure from lockdowns in Europe.

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