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EUR/USD Today Technical Report 19/04/2016

EUR/USD continued trading higher on Monday and hit resistance at the 1.1335 (R1) hurdle, the lower bound of the range it had been trading since the 31st of March. Given that I see the possibility for the pair to move back above that hurdle, I would adopt a flat stance for now with regards to the short-term outlook. Today we get the German ZEW survey for April and the forecast is for the expectations index to have improved. This could be the catalyst for a move above 1.1335 (R1). Our short-term oscillators support the notion as well. The RSI rebounded from near its 50 line, while the MACD, although negative, stands above its trigger line and looks to be headed towards its zero line. Switching to the daily chart, I see that EUR/USD is still oscillating between the key support zone of 1.0800 and the psychological area of 1.1500. As a result, I maintain the view that the broader path of the pair is to the sideways.

EUR 19

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