Forex Daily Analysis : 04 May 2021- Economic Data Affects Euro Movement

Forex daily analysis on May 04, 2021 this time discussed EURUSD in the market movement on Monday early last week managed to strengthen. The strengthening of the Euro against the US Dollar is supported by positive sentiment for the release of economic data in the euro zone. The economic data is German Retail Sales data, besides that the strengthening of the Euro is also caused by the weakening of the US Dollar. The weakening of the US Dollar is due to pessimism about the release of the US ISM Manufacturing PMI data. For market movements in today's Asian session, it is predicted that the Euro will weaken again against the US Dollar. This weakness is due to market participants taking profits while waiting for the release of many other important economic data that will be released this week. The greenback has not been able to maintain its strength against other major currencies. The weakening of the US dollar slumped to around 0.3%, this weakness was dragged down by the decline in the yield of 10-year bonds. Market participants are currently focused on the release of US labor and unemployment data which will be announced next Friday. It is predicted to be positive for the US Dollar. However, good labor data and a drop in unemployment could result in an increase in inflation and could weaken the US dollar against other major currencies.

Forex Daily Analysis Predictions

Today's FOREX prediction on the EURUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.20300. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex 04 May 2021 regarding economic data that affects the movement of the Euro. Keep prioritizing Money Management and Risk Management in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.