empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

10.04.202014:09 Forex Analysis & Reviews: Weekly analysis on EURUSD

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD remains in a bearish weekly trend. Despite the try to break above 1.1150-1.12, bulls failed to maintain control of the break out and price got rejected. This failed break out continues to point to us the major resistance ahead.

Exchange Rates 10.04.2020 analysis

Red line - weekly trend line resistance

EURUSD 5 weeks ago tried to break out of the weekly trend and above the resistance trend line. This failed attempt was another bearish sign. Price not only pulled back below the resistance trend line again, but at the attempt to back test it at 1.1150 two weeks ago, it got rejected. This week price bounced off last weeks low but still there is no important bullish or reversal sign in the chart. Key support is 1.1075. Breaking below this low we expect price to move towards 1.07 again. Resistance is at 1.1130. So far any bounce is considered a selling opportunity as long as price is below 1.1130-1.1150.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off