07.04.202014:54 Forex Analysis & Reviews: Trading plan for EURUSD for April 07, 2020

Exchange Rates 07.04.2020 analysis

Technical outlook:

EURUSD finally printed a marginal low at 1.0768 before reversing sharply yesterday. The currency pair has managed to break above initial resistance at 1.0866 and the counter trend line resistance. This was in line with our expectations yesterday as EURUSD traded above 1.0900 levels at this point in writing. The next resistance is at 1.0965, followed by 1.1039 levels, and bulls shall remain poised to break higher. Please note that corrective drop from here should remain well capped above the 1.0768 levels, going forward. Overall bullish structure remains intact for now until EURUSD trades above 1.0636 potential support. Trading point of view, it is good to remain long with risk at 1.0636 as EUR bulls prepare to target 1.1500 resistance in the next few weeks.

Trading plan:

Remain long, stop at 1.0636, target @ 1.1500

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert
InstaForex Group © 2007-2020
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