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08.04.202113:30 Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 08, 2021

Exchange Rates 08.04.2021 analysis

Overview :
  • The EUR/USD pair broke resistance at 1.1834 which turned into strong support yesterday.
  • This level coincides with 61.8% of Fibonacci retracement which is expected to act as major support today.
  • Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside.
  • Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.1834) in the coming hours.
  • The EUR/USD pair will demonstrate strength following a breakout of the high at 1.1869. Consequently, the market is likely to show signs of a bullish trend.
  • The level of 1.1915 will act as strong resistance, and the double top is already set at 1.1915.
  • In other words, buy orders are recommended above 1.1869 with the first target at 1.1915. Then, the pair is likely to begin an ascending movement to 1.1941 mark and further to 1.2000 levels.
  • On the other hand, the daily strong support is seen at 1.3814. If the EUR/USD pair is able to break out the level of 1.3814, the market will decline further to 1.1704 (double bottom).

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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