EURUSD Is Constrained Beneath 1.0910 Level Amid USD Strength and a Mixed Market Mood

EURUSD Is Constrained Beneath 1.0910 Level Amid USD Strength and a Mixed Market Mood

EURUSD Price Analysis – April 16

This Thursday, the EURUSD pair slid to 1.0852 level, then upwards toward the price zone of 1.0910 level due to the release of crucial US data. The mood of the market remains mixed amid the strength of the USD, depending on the possibility of economic re-opening. However, the economic deadlock end remains uncertain.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0990
Support Levels: 1.0768, 1.0635, 1.0569

EURUSD Long term Trend: Ranging

The upside momentum on the EURUSD daily chart has run out of steam near the main barrier around 1.0990 level, triggering the unfolding downside of the reversal shortly after. The moving average of 13 may drive the exchange rate further down to 1.0890 level. Remember that the closest daily support level is S1, placed at the level of 1.0852.

Furthermore, if the currency pair fails to breach the 1.0852 marks, the euro is inclined to stabilize in the medium to long term against the US Dollar. It is also probable that bulls may dominate in the market, and the pair may surpass the 5 moving averages close to 1.0920 level.

EURUSD Short term Trend: Ranging

The EURUSD pair is trading near 1.0878 level, the retracement of its daily advance by 50 percent of late March, unable to break the mark. The uncertainty remains weighted to the downside in the 4-hour chart, as the pair evolves beneath both moving averages, while the technical indicators remain at negative levels, with moderate declining slopes.

The key support is the retracement of the same recovery by 61.8 percent at 1.0852 level, with a stiffer fall forecast on a break beneath the level. A bear market may begin as soon as the pair declines beneath a support level of 1.0852, triggered by a downward movement to support a level of 1.0768.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.