Forex Daily Analysis : April 20, 2021

Forex daily analysis on April 20, 2021 discusses the EURUSD which is increasingly showing its might, the strengthening of the Euro against the US Dollar is increasingly visible in market trading on Monday, April 19, 2021 yesterday. The euro got a boost as the US dollar weakened for the umpteenth time. The strengthening of the Euro ignores the release of negative European economic data, namely Current Account data. For today's market movement, Tuesday, April 20, 2021, it is estimated that the Euro will continue to strengthen because the US Dollar is still in a weakened condition due to the decline in bond yields. The EURUSD movement level has already touched the 1.2000s, and there is a good chance that it will continue its gains as long as the US dollar weakens.The greenback plummeted and fell to its lowest level during several days of market trading. The weakening of the US dollar against several other major currencies has been going on for 6 weeks. The decline in long-term bond yields coupled with the Central Fed's view of American inflation has been the cause of the weakening of the US Dollar. This incident has occurred since the end of March 2021. The weakening of the US Dollar has eroded its strengthening rally that has been formed during the first quarter of 2021. The decline in bond yields is suspected to be the main cause of the weakness of the US Dollar. In addition, the view conveyed by Fed Chairman Jerome Powell on the rising inflation rate has further made the United States currency fall to its lowest level. One of the Fed Governors, "Christopher Waller", said that the US economy is preparing to skyrocket due to the implementation of Covid-19 vaccinations that continue to be carried out and economic activities that continue to rise and recover. On the other hand, he also emphasized that with the increase in inflation for some time, he said it was only temporary. This indirectly agrees with the view of the previous Fed chairman who maintained low interest rates and continued the stimulus program that had been scheduled.

Forex Daily Analysis Predictions 

Today's FOREX prediction on the EURUSD pair is expected to strengthen/rise and the recommended OP (Open Position) is BUY at the level of 1.20800. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on April 20, 2021. Keep Money Management and Risk Management first 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.