10.04.202012:05 Forex Analysis & Reviews: Technical analysis of EUR/USD for April 10, 2020

The EUR/USD pair continues to move downwards from the level of 1.1035. Yesterday, the pair dropped from the level of 1.0900 to the bottom around 1.0833. But the pair has rebounded from the bottom of 1.0833 to close at 1.0945. Today, the first support level is seen at 1.0900, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1035, which coincides with the 100% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0900, the market will decline further to 1.0769 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1035 with the first target at 1.0900 and further to 1.0769. However, stop loss is to be placed above the level of 1.1143.