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On yesterday session, the EURUSD rallied with a wide range and closed near the high of the day, in addition managed to close above Friday’s high, which suggests a strong bullish momentum.
The currency pair is trading above the 10, the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch: a daily resistance at 1.2510, a daily resistance at 1.2432, a key level at 1.2367 (resistance), the 10-day moving average at 1.2334 (support), the 50-day moving average at 1.2323 (support), a daily support at 1.2287, a swing low at 1.2200 (support), and a key level at 1.2165 (support).
The EURUSD, similar to the US Dollar index has been in a sideways trend for a decent period of time.
With the euro making up the largest percentage of the dollar index, it is not surprising to see the EURUSD chart looking like a mirror image of the index. The daily chart below shows how the EURUSD pair was held by the 15-month trend line dating back to the peak in November 2016, (the date of the result of the US Presidential election). In a similar fashion the pair has trended sideways since mid January.
We have to look at the monthly chart for any indication of future direction. Here we see a confluence of resistance from the 38.2% Fibonacci level of 1.2516 up to the short-term, 61.8% Fibonacci resistance at 1.2601. Within this band the blue 100 week moving average makes an appearance adding weight to the resistance area, with the red 200 month moving average easing its way towards a meeting with the 100 month.
In February this heavy barrier overwhelmed the market and sent the pair tumbling by over 350 pips. Throughout March, we have made a very slow recovery, only really gathering pace in the last few days, as we reach 1.2462. For the dollar to weaken further we are going to have to make a decisive move through the 1.2600 area.
A glance back at the daily chart shows good support from the 11-month trend line and short-term Fibonacci levels around 1.2235/1.2215. A break below 1.2200 therefore acts as a bearish confirmation, proving that the resistance we see on the monthly chart has triggered a resumption of the 10 year bear trend.
Analysis origionally published at:
https://content.yudu.com/libraryHtml/A43836/Englishedition37/reader.html?page=16&origin=reader
On yesterday session, the EURUSD went back and forward without any clear direction but closed in the middle of the daily range, in addition closed within Mondays’ range, which suggests being clearly neutral, neither side is showing control.
The currency pair is trading above the 10, the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch: a daily resistance at 1.2510, a daily resistance at 1.2432, a key level at 1.2367 (resistance), the 10-day moving average at 1.2341 (support), the 50-day moving average at 1.2322 (support), a daily support at 1.2287, a swing low at 1.2200 (support), and a key level at 1.2165 (support).
On yesterday session, the EURUSD again went back and forward without any clear direction but closed in the green, in the middle of the daily range, in addition managed to close within Tuesdays’ range, which suggests being clearly neutral, neither side is showing control.
The currency pair is trading above the 10, the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch: a daily resistance at 1.2510, a daily resistance at 1.2432, a key level at 1.2367 (resistance), the 10-day moving average at 1.2352 (support), the 50-day moving average at 1.2323 (support), a daily support at 1.2287, a swing low at 1.2200 (support), and a key level at 1.2165 (support).
Daily Forecast for April 19th 2018
EURUSD must hold above minor support at 1.2370/65 to retest last week's high at 1.2395 before strong 2 month trend line resistance at 1.2420/30. Watch for a high for the day but shorts need stops above 1.2450. A break higher tests 3 week highs at
1.2475 before 1 month trend line resistance at 1.2515/20.
Minor support at 1.2370/65 then better support at 1.2320/10. Longs need stops below 1.2285.
On yesterday session, the EURUSD initially tried to rise but found enough selling pressure near 1.2400 to erase all of its gains and managed to close near the low of the day, although closed within Wednesday’s range, which suggests being slightly on the bearish side of neutral.
The currency pair is trading below the 10-day moving average that should provide dynamic resistance however, the currency pair is trading above the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch: a daily resistance at 1.2510, a daily resistance at 1.2432, a key level at 1.2367 (resistance), the 10-day moving average at 1.2351 (resistance), the 50-day moving average at 1.2323 (support), a daily support at 1.2287, a swing low at 1.2200 (support), and a key level at 1.2165 (support).
Key levels to watch for:
Support: 1.2348; 1.2295; 1.2215;
Resistance: 1.2393; 1.2475;