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EUR/USD Today Technical Report 11/04/2016

EUR/USD traded higher on Friday after it hit support slightly above the 1.1335 (S1) support barrier. Given that EUR/USD has been oscillating between that barrier and the resistance zone of 1.1440 (R1) since the 31st of March, I would keep my flat stance for now. I believe that a clear move above 1.1440 (R1) is needed to turn the short-term outlook back to the upside. Such a move could set the stage for extensions towards the psychological barrier of 1.1500 (R2). Looking at our momentum studies, I see that both of them emerged above their downside resistance lines. Furthermore, the RSI stands above its 50 line and points north, while the MACD, already positive, has bottomed and crossed above its trigger line. These indicators detect upside momentum and support that the pair could trade higher for a while. 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 11

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