EURUSD Stays Bearish Despite Its Consolidation Around the Level at 1.0780


EURUSD Price Analysis – April 6

The EURUSD currency pair stabilized throughout the 1.0780 regions during its last preceding trading session up to this point. The pair retained its consolidation even since early Monday. fThis Monday, a light of optimism is raising optimism while EURUSD was unable to take any notice of the fair sentiment.

Key Levels
Resistance Levels: 1.1495, 1.1285, 1.0879
Support Levels: 1.0700, 1.0635, 1.0569

EURUSD Long term Trend: Bearish

EURUSD has been under pressure beneath the level of 1.0879 whilst trading underneath the main 5 and 13 (daily moving average), although this Monday’s session is trying to consolidate progress. The pair passed the day hovering all over the threshold of 1.0780.

In the broader context, the entire downtrend from 1.2555 (high) level may still be ongoing as long as the 1.1495 resistance level remains. The next goal is to level of 1.0569 (low). Nevertheless, a continuous break of 1.1495 level may suggest that such a downward trend is over.

EURUSD Short term Trend: Bearish

The short-term scenario is bearish, as the pair progresses below bearish moving averages in the 4-hour chart, with the 5 and 13 moving averages advancing south to break the support level of 1.0780.

However, technical indicators had passed the day without direction within negative ranges, keeping the uncertainty concentrated to the downside without more declines being established anticipated.

Instrument: EURUSD
Order: Sell
Entry price: 1.0780
Stop: 1.0879
Target: 1.0700

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.