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08.04.202118:29 Forex Analysis & Reviews: April 8, 2021 : EUR/USD daily technical review and trade recommendations.

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.

Exchange Rates 08.04.2021 analysis

By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement.

The price zone around (1.1990) corresponds provided some temporary buying pressure.

However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.

Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which is failing to hold so far.

Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.

Recently, as the price zone of 1.1700-1.1720 was being challenged, an upside pullback was expected to pursue towards 1.1840 which failed to provide sufficient bearish pressure.

The current Upside breakout above 1.1840 can enhance further movement towards 1.1990 where selling pressure maybe anticipated.

Until then, the EUR/USD pair remains trapped between the significant key levels between 1.1840 and 1.1990

Mohamed Samy
Analytical expert of InstaForex
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