EURUSD Upside Run Recedes Under 1.1900 Level, Dollar Begins the Week on a Strong Note

EURUSD Upside Run Recedes Under 1.1900 Level, Dollar Begins the Week on a Strong Note

EURUSD Price Analysis – April 12

From early session tops around the 1.1904 mark, the EURUSD has receded to approach mid 1.1800 level during Monday morning trading. The dollar started the week on a stronger note as Fed’s bullish remarks lent some support to the greenback.

Key Levels
Resistance Levels: 1.2190, 1.2050, 1.1952
Support Levels: 1.1800, 1.1693, 1.1422
EURUSD Long term Trend: Ranging
The EURUSD is attempting to lower its price below the MA 5 at 1.1875, but it is running into horizontal support at $1.1870, and on break may lead to a bearish decline to the 1.1800 marks. A bounce from this zone, on the other hand, could lead to a retest of the 1.1900 level. A bullish breakout above the resistance level of 1.1952 could signal a sudden return to the upside.

The rise from the 1.0635 level is seen as the third step of the pattern from the 1.0339 (low) level in the wider sense. Following a sustained rally, cluster resistance at 1.2050 could be seen. As long as the 1.1422 resistance level, which has now turned support, holds, this will be the preferred scenario.
EURUSD Short term Trend: Ranging
For the day’s start, the EURUSD struggles to alter the intraday bias from neutral, but with minor support at 1.1870 intact, a further rise is likely. Above 1.1952 level, the recovery from 1.1740 to 1.1927 minor resistance may continue. Resistance is at its April peak of 1.1927, with 1.1952 and 1.1989 levels seen in March.

There may be a strong break there, indicating that the correction from the 1.2243 level has been completed at the 1.1740 level. A break of 1.1870 near-term support, on the other hand, would shift the bias back to the downside, with the 38.2 percent retracement of 1.0635 to 1.2243 at 1.1693 levels.

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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.