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16.04.201822:27 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for April 17, 2018

Long-term review
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.

Exchange Rates 16.04.2018 analysis

Daily Outlook

The EUR/USD pair remains trapped between the price levels of 1.2200 and 1.2500 until a breakout occurs in either direction.

Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.

However, significant signs of bearish reversal were manifested around the price levels of 1.2400.This was manifested in the bearish engulfing daily candlestick of March 28.

The EUR/USD pair remains bullish as long as the depicted uptrend remains intact. The upper limit of the depicted consolidation range around 1.2500 is the nearest supply level to be tested.

On the other hand, the depicted Multiple-Top pattern needs a bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Bearish Projection target would be located around 1.2070-1.1990 (Low probability at the current time).

Trade Recommendation:

Conservative traders should wait for a bullish breakout above 1.2500.Bullish targets will probably present around the price levels of 1.2750.

Mohamed Samy
Analytical expert of InstaForex
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