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EUR/USD Today Technical Report 07/04/2016

EUR/USD moved somewhat lower on Wednesday, but hit support slightly below the 1.1335 (S2) barrier and the upside support line taken from the low of the 10th of March. Subsequently, the rate rebounded and hit resistance slightly below the 1.1440 (R1) line. The price structure on the 4-hour chart remains higher peaks and higher troughs, something that keeps the short-term outlook somewhat positive. A decisive move above the 1.1440 (R1) resistance is likely to prompt extensions towards the psychological barrier of 1.1500 (R2). Our short-term oscillators support somewhat that the pair could continue higher for a while. The RSI rebounded from near its 50 line, while the MACD, already positive, has bottomed and could move above its trigger line. 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.

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