Technical analysis of EUR/USD for April 09, 2018

analytics5acb228a7abf5.png

Overview:

Last week, the EUR/USD pair dropped sharply from the level of 1.2316 towards 1.2216. Now, the price is set at 1.2278. On the H1 chart, the resistance of EUR/USD pair is seen at the level of 1.2316 and 1.2377. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.2316 and 1.2216 in coming hours. Moreover, the price spot of 1.2316 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.2316, sell below 1.2316 with the first target at 1.2216 in order to test yesterday's bottom. Additionally, if the EUR/USD pair is able to break out the bottom at 1.2216, the market will decline further to 1.2186 and 1.2155 in order to test the weekly support 2 and 3. Also, it should be noticed that the minor resistance 1 is seen at the level of 1.2278 which coincides the daily pivot point.

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