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EUR/USD Today Technical Report 05/04/2016

EUR/USD traded in a consolidative manner on Monday, staying above the support barrier of 1.1370 (S1). The price structure on the 4-hour chart still suggests a short-term uptrend and as a result, I still expect buyers to regain momentum at some point and aim for another test near the 1.1440 (R1) resistance zone. A decisive move above that barrier could open the way for the psychological zone of 1.1500 (R2). Nevertheless, taking a look at our short-term oscillators, I see signs that a corrective setback could be looming before the next leg higher. The RSI stands below its 70 line and points down, while the MACD, although positive, has topped and fallen below its trigger line. A dip below the 1.1370 (S1) line would confirm the case and perhaps aim for another test near the 1.1335 (S2) level. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500 (R2). Therefore, I would keep the view that the broader trend remains sideways.

EURO 5

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