For Traders

Analytical Reviews

Technical analysis

07.04.202112:33 Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 07, 2021

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.

Overview :

The EUR/USD pair broke resistance which turned to strong support at the level of 1.1855 yesterday.
The level of 1.1855 coincides with 61.8% of Fibonacci, which is expected to act as major support today.
Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.
From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1855. Currently, the price is in a bullish channel.
According to the previous events, we expect the GBP/USD pair to move between 1.1855 and 1.1994. On the H1 chart, resistance is seen at the levels of 1.1947 and 1.1994.
Also, it should be noticed that, the level of 1.1855 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.1855 providing a clear signal to buy with the targets seen at 1.1947.
If the trend breaks the support at 1.1947 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level 1.1994 in order to test the daily resistance 2.
However, stop loss is to be placed below the level of 1.1800.

Back to the list

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.