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EUR/USD Today Technical Report 20/04/2016

EUR/USD continued trading higher yesterday and managed to emerge above the resistance (now turned into support) barrier of 1.1335 (S1). Nevertheless, the decline was stopped slightly below the 1.1390 (R1) zone. Given that the rate is back within the sideways range between the 1.1335 (S1) and the 1.1440 (R2) hurdles, I would hold a flat stance for now. A move back below 1.1335 (S1) is needed to perhaps shift the short-term outlook back to the downside. Something like that could initially aim for the 1.1300 (S2) zone. Our short-term oscillators give evidence that the rate is likely to turn down in the near term. The RSI slid after it hit resistance near its 70 line, while the MACD, although positive, shows signs that it could start topping. As for the bigger picture, EUR/USD is still trading within a wide range between the 1.0800 key obstacle and the psychological area of 1.1500. As a result, I would consider the longer-term path to be sideways.

EURO 20

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