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Technical analysis of EUR/USD for April 4, 2016

1459762511_EURUSDH1.png

Overview:

  • The EUR/USD pair will continue falling from the level of 1.1400 in the long term. It should be noted that the level of 1.1376 represents a minor resistance on the H1 chart. On the other hand, support is established at the level of 1.1326 which represents the 61.8% Fibonacci retracement level. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the lowest level of 1.1376. So, sell below the level of 1.1376 - 1.1376 with the first target at 1.1326 in order to test the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.1220. Also, it might be noted that the level of 1.1220 is a good place to take profit because it will form a double top. However, in case a reversal takes place and the EUR/USD pair breaks through the resistance level of 1.1400, then the market will show signs of a bullish trend. In other words, buy orders are recommended above 1.1400 with the targets at 1.1437 and further to 1.1520.

Intraday technical levels:

Date:4/04/2016

Pair:EUR/USD

  • R3: 1.1786
  • R2: 1.1611
  • R1: 1.1501
  • PP: 1.1326
  • S1: 1.1216
  • S2: 1.1041
  • S3: 1.0931
The material has been provided by InstaForex Company - www.instaforex.com