After Prior Week’s Strong Run-Up, EURUSD Floats Around a Two-Month High at 1.2116

After Prior Week’s Strong Run-Up, EURUSD Floats Around a Two-Month High at 1.2116

EURUSD Price Analysis – April 26

As the third week of gains progresses, and Friday’s close above the daily cloud top adds to the optimistic sentiment, the pair retains a strong buying tone floating around a two-month high at 1.2116 at the time of writing. Another positive trend is the loosening of sanctions in Italy and France on Monday.

Key Levels
Resistance Levels: 1.2243, 1.2190, 1.2150
Support Levels: 1.2050, 1.1989, 1.1952
EURUSD Long term Trend: Ranging
The EURUSD has driven up for the 2nd day in a row, reaching a two-month high of 1.2116 at the time of writing, with an eye on the 1.2150 marks. In the meantime, the EURUSD’s advance is slowing as it approaches resistance at 1.2150. On the chart, we can still see the next key resistance of Feb. 26 waiting to be tested which may indicate further room for an upside run.

In the event of an abrupt pullback, the price is likely to stall near moving average 5 and the 1.2050 level of support for the time being. A close below this mark, however, could bring the March 31 lows of 1.1704 into play in the long run. If the current bullish trend persists, the EURUSD may need to break out above the 1.2190 level to confirm further gains.
EURUSD Short term Trend: Bullish
The EURUSD is trading forward moderately bullish on the 4-hour chart, with the 5 moving average ahead of the moving average 13 upwards. Beyond its middle points, the RSI stays focused to the north. A current bullish trend could target a 61.8 percent projection from 1.0635 to 1.2150 levels from 1.1602 to 1.2190 levels shortly.

On the 4-hour chart, the price recovery from the 1.1952 low shows the direction of least resistance to the upside. So far, a decisive break over the 1.2200 marks appears to be in the subsequent sessions. The currency pair is currently trading around the 1.2100 marks, having reached a peak of 1.2116 in the Asian session.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.