Forex Daily Analysis : April 27, 2021

The daily forex analysis of April 27, 2021 will discuss concerns about the increasing number of new Covid-19 cases in the eurozone and a more wait-and-see attitude regarding the meeting of the heads of the US Central Bank (FOMC) affecting the movement of EURUSD in the market trading on Monday. After touching its weekly high, the Euro weakened compared to the US Dollar. In addition to the causes that have been described at the beginning, the weakening of the Euro also occurred due to the profit-taking action of market participants. The price of the Euro versus the US Dollar has reached the level of 1.21164 in yesterday's trading, so profit taking action is inevitable. This is because market participants liquidated their positions and waited for the results of the speech from the Fed chairman. For today's market movement, the Euro is predicted to continue its weakness against the US Dollar. This weakness is partly due to the limited strengthening of the US Dollar, coupled with the negative release of economic data in Germany. Economic data on the level of business confidence in Germany has declined. The data is the German ifo Business Climate which was released far below the prediction and the previous period, which was released only 96.8 while the prediction was 97.8 and the previous period was 96.6. The movement of the US dollar currency on Tuesday, April 27, 2021 today, is trying to rise from its slump that has lasted for almost 7 weeks. The strengthening of the US dollar occurred ahead of the meeting agenda of the heads of Central Banks of American countries with the Chairman of the US Central Bank The Fed. The meeting is scheduled to take place in the early hours of Thursday morning. Meanwhile, signals that the Fed will still be dovish still dominate the perception that is developing in the market. Market participants currently assess that in the FOMC meeting on Thursday morning, there will not be many policy changes from the previous statement of Central Bank chairman Jerome Powell. However, market participants will observe Powell's view on the future condition of the American economy after the decline in a very large amount of stimulus. Meanwhile, the release of American economic data is starting to show signs of better economic movement due to the pandemic that has hit the world. The release of economic data is a Durable Good Order which was released positive. This shows that economic growth began to accelerate in the first quarter of this year due to government stimulus with a large amount and the beginning of an increase in public health levels, thus driving the demand for the US dollar to increase.

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 1.20600. 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 27, 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.