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EUR/USD Today Technical 29/04/2016


EUR/USD edged higher on Thursday by exploiting the broader USD weakness, for another attempt to break above the 1.1390 (R1) resistance zone. There were few attempts to break that level and rally but none of them found the necessary strength to push EUR/USD above that territory. I would expect a break of that hurdle to carry larger bullish implications and perhaps challenge our next resistance of 1.1435 (R2) and bring us closer to the key psychological area of 1.1500 (R3). Our short-term momentum indicators support this notion. The RSI lies just below its 70 line pointing up, while the MACD, emerged above its zero line and is pointing up as well. As for the broader trend, EUR/USD is still trading within a wide range between the 1.0800 key obstacle and the psychological area of 1.1500 (R3). As a result, I would consider the longer-term path to be sideways. I would need a break of 1.1500 (R3) to trust further advances.


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