Technical analysis of EUR/USD for April 02, 2018

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Overview:

The EUR/USD pair will continue rising from the levels of 1.2305 and1.2347. So, the support is found at the level of 1.2305, which represents the 38.2% Fibonacci retracement level. Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend. Therefore, the EUR/USD pair is continuing with a bullish trend from the new support of 1.2305. The level of 1.2347 acts as a daily pivot point on the H1 chart. The current price is set at the level of 1.2325. Equally important, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.2305 and 1.2445. Therefore, strong support will be formed at the level of 1.2347 providing a clear signal to buy with the targets seen at 1.2305. If the trend breaks the support at 1.2347 (pivot), the pair will move upwards continuing the development of the bullish trend to the level 1.2445 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.2413, 1.2445 and 1.2477. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2267.

The material has been provided by InstaForex Company - www.instaforex.com