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23.04.202107:37 Forex Analysis & Reviews: Trading plan for EURUSD for April 23, 2021

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Technical outlook:

EURUSD has drifted sideways for the last 02 trading sessions between 1.1990 and 1.2050 levels respectively. Two distinct probabilities remain before the next major drop resumes. Bulls might push through 1.2100 levels and test its resistance trend line before turning lower towards 1.1300 levels. On the flip side EURUSD might drag lower towards 1.1850/60 levels from here before resuming its counter trend rally towards 1.2100.

EURUSD is seen to be trading around 1.2025 levels at this point in writing, after reversing lower from 1.2060 highs yesterday. It is quite possible that the currency is unfolding a corrective decline towards 1.1860 mark in the next few trading sessions. Immediate resistance stays at 1.2080 while intermediary support comes in around 1.1990 levels respectively. A break below 1.1900 will confirm that an interim top is in place around 1.2080 mark.

The overall structure might be turning bearish since 1.2350 highs, and we have revised our downside targets further, as presented here. Possibilities remain for a push towards 1.1300 mark and continue further towards 1.0636 levels respectively. For the short term, look out for a drop towards 1.1860 mark before finding some support.

Trading plan:

Remain short, add more @ 1.2100/50 levels, stop @ 1.2350, target 1.1300 and further.

Good luck!

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