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Home » Daily Technical Reports » EUR/USD Today Technical Report 18/04/2016

EUR/USD Today Technical Report 18/04/2016

EUR/USD traded higher on Friday and hit resistance slightly above the 1.1300 (R1) hurdle. During the Asian day Monday, the rate retreated somewhat. Given that on the 13th of April the pair fell below 1.1335 (R2), the lower bound of the range it had been trading since the 31st of March, I would consider the short-term outlook to stay negative. I would expect the forthcoming wave to be negative and perhaps target our support barrier of 1.1220 (S1). Our momentum studies support somewhat the notion as well. The RSI turned down after it hit resistance slightly below its 50 line and turned down, while the MACD, already negative, shows signs that it could start topping. Switching to the daily chart, I see that EUR/USD started falling after trading slightly below the 1.1500 psychological barrier, which is the upper bound of the medium-term sideways range. This increases the possibilities for the rate to continue lower in the foreseeable future.

EURO 18

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