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EUR/USD Today Technical Report 25/04/2016


EUR/USD traded higher during the early European morning session Monday after the pair found some buy orders near the 1.1215 (S1) support level. The rate rebounded somewhat to see the 1.1245 (R1) area as a resistance this time. I believe that the next move in the pair will be down, where a decisive break of the 1.1215 (S1) zone could open the way for the next support hurdle at 1.1175 (S2). Our short-term momentum studies detect somewhat negative momentum and support that the pair could continue trading lower in the short run. The RSI stands below its 50 line, while the MACD, already below its zero line, shows signs that it could fall below its trigger line. 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.



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