The future for the broad-market index points to a weaker US opening on Wednesday lunchtime as the price failed to fully recover from the decline observed during the Asian session. The reversal has occurred in the main support zone since mid-April at 4,115 points, slightly above the weekly low formed yesterday. To break the trend structure of the two-day downward movement, the index would have to break the local high at 4,155 points. There would only be stronger support again at the breakout level of April 1 at 3,980 points.
EURUSD continued this week’s corrective move on Wednesday, testing the horizontal trendline at 1.2115 on the H4 chart, which was broken with decent momentum last Friday. Should the area be defended, a fresh impetus could begin to continue the uptrend launched in March. The next price targets are the May high (2.2181), the February high (1.2242) and the annual high (1.2349). Below 1.2115 the pair could correct to support at 1.2070.
The DE30 started unchanged in trading on Wednesday after the pre-trading losses were offset again and the index in the M15 chart broke the neckline of the inverse SKS formation. The German benchmark index reached a daily high of 15,189 points today and has since withdrawn somewhat, but is still slightly in the profit zone for today’s meeting. US inflation (CPI) data for April may start moving again at 2:30 p.m. CET.