For Traders

Analytical Reviews

Technical analysis

15.04.202112:27 Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 15, 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 continues to move upwards from the level of 1.1937.
Today, the first support level is currently seen at 0.6678, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6678, which coincides with the 61.8% Fibonacci retracement level.
This support has been rejected several times confirming the veracity of an uptrend this week.
According to the previous events, we expect the EUR/USD pair to trade between 1.1937 and 1.2059. So, the support stands at 1.1937, while daily resistance is found at 1.2059.
Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1937. In other words, buy orders are recommended above the spot of 1.1937 with the first target at the level of 1.1993; and continue towards 1.2059.
On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.2059 today, the market will decline further to 1.1937.
Forecast :
We expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.1937 towards the target level of 1.2059. If the pair succeeds in passing through the level of 1.2059, the market will indicate the bullish opportunity above the level of 1.2059 so as to reach the second target at 1.2109. At the same time, if the EUR/USD pair is able to break out the level of 1.1896, the market will decline further to 1.1738(daily support 2).

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.