01.04.202115:59 Forex Analysis & Reviews: EUR/USD technical analysis for April 2021

Trend analysis.

In April, an upward movement may begin with the first target at 1.1798 - a 14.6% retracement level (red dotted line). In case of a breakout of this level, the next target is 1.1856 - a 23.6% retracement level (red dotted line). From here, the upward trend will continue with the next target at 1.1949 - a 38.2% retracement level (red dotted line).

Fig. 1 (monthly chart).

Indicator analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

The conclusion on a comprehensive analysis is most likely an upward trend.

The general result of the calculation of the candlestick of the EUR/USD currency pair according to the monthly chart: the price is likely to move upward with the absence of the first lower shadow (the first week of the month is the upper one) of the monthly white candlestick and the presence of the second upper shadow (the last week is black).

General scenario: from the level of 1.1729 (close of the March monthly candlestick) the price will move upward with the target at 1.1798 - a 14.6% retracement level (red dotted line). In case of breaking this level upward, the next target will be at 1.1856 - a 23.6% retracement level (red dotted line). Upon reaching this level, the upward trend will continue with the next target of 1.1949 - a 38.2% retracement level (red dotted line).

Unlikely scenario: from the level of 1.1729 (close of the March monthly candlestick) the price will move downward with the target at the historical support level 1.1578 (blue dotted line) and then begin to move upward.