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29.04.201608:46 Forex Analysis & Reviews: Technical analysis of EUR/USD for April 29, 2016

Long-term review

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Technical outlook and chart setups:

The EUR/USD pair is testing previous swing highs and remains shy by a few pips today. The pair rallied through 1.1396 levels before pulling back again towards 1.1382 levels. The pair is producing a pin bar candlestick pattern on the 4H chart view as seen here, indicating a potential reversal ahead. The bottom line remains that the price should stay below 1.1400 levels, for bears to take control back. A bearish reversal here should push the price lower towards 1.1200 and subsequently through 1.1140 levels. It is hence recommended to remain short for now, with risk above 1.1400 levels. Immediate resistance is seen at 1.1400, while support is seen through 1.1210 levels respectively.

Trading recommendations:

Remain short now, stop above 1.1400, target is open.

Good luck!

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