EURUSD Upside Run Dwindles Further Beneath Mid 1.1700 Level Amid Resurgent Dollar Strength

5 April 2021 | Updated: 5 April 2021

EURUSD Price Analysis – April 5

Early in the European session, the EURUSD pair surrenders its uptick beneath the mid 1.1700 level. The pair extended its decline in attempting to plunge the 1.1700 floors. Investors focused on quicker economic growth after the US employment report released Friday overtook forecasts, keeping the market upbeat.

Key Levels
Resistance Levels: 1.2050, 1.1952, 1.1835
Support Levels: 1.1704, 1.1602, 1.1422
EURUSD Long term Trend: Ranging
Any subsequent fall is likely to find decent support and attract buyers near the 1.1704 horizontal support and the ascending trendline, according to the daily chart’s technical pattern. Following sell-offs could speed up the corrective slide towards 1.1602, but it’s more likely to be capped around the 1.1700s.

A sustained break below, on the other hand, will be interpreted as early signs of bullish fatigue, leaving the pair exposed to further falls, potentially challenging the psychological 1.1602 levels. Near the 1.1800 marks, we’re keeping a close eye on the stop signs. A sustained breakout, on the other hand, may have long-term bullish implications.
EURUSD Short term Trend: Bearish
Meanwhile, the intraday bias in EURUSD stays on the downside for the moment. The breach of ascending trendline support may validate the start of the third phase, with a temporary low firmed at 1.1703, just ahead of 38.2% retracement of 1.0635 to 1.2348 at 1.1694. On the upside, above 1.1835 minor resistance level may alter intraday bias neutral first.

On the other hand, European session highs around 1.1771 now seem to act as immediate resistance. It is followed by last week’s swing high, around 1.1807 areas, which, if cleared decisively, may set the stage for further short-term appreciation. The pair may then breach beyond 1.1835 and aim to test the next major obstacle near the 1.1989 congestion zone.

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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.