The main trend is
up on the daily chart. The limited range is 1.3905 to 1.3789 with a retracement
zone at 1.3847 to 1.3861.
This zone is the key protecting along with a down trending angle at 1.3855.
There was a
little fallout to the downside
after Thursday’s sharp sell-off. This was a force
move since the market closed on the low the previous session.
The EUR/USD corrected lower this week and is on track
to close with losses, having receded from levels above 1.3900 scored last Friday.
The EUR/USD slowly backtracks from above 1.3900 to bottom out at 1.3789 and settle in a range over the last sessions, closing the last 3 days almost stable. Next week, the US will release a string of housing sector figures along with constant goods orders data.
The EUR/USD slowly backtracks from above 1.3900 to bottom out at 1.3789 and settle in a range over the last sessions, closing the last 3 days almost stable. Next week, the US will release a string of housing sector figures along with constant goods orders data.
EUR/USD levels to watch
In terms of technical levels, immediate resistances could be found at 1.3822 (Apr 18 high/100-hour SMA), 1.3863 (Apr 17 high) and 1.3882 (Apr 11 closing price). To the downside, supports are seen at 1.3796 (21-day SMA), 1.3782 (50-day SMA) and 1.3736 (Apr 8 low).
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