Technical Analysis

EURUSD testing critical support level | 8th April 2017

EURUSD latest technical analysis

EURUSD technical analysis: Hitting critical support level | 8th April 2017

  • First critical Resistance: 1.06446
  • Second critical Resistance: 1.09050
  • First critical Support One: 1.05834
  • Second Critical Support: 1.05383
  • Overall Sentiment: Bullish Δ

The EURUSD sharply fall in the global market in the last week despite the negative U.S data and the pair ended up by hitting the trend line support in the daily chart. The pair is most likely to find the bullish pressure at the trend line support zone, however, a clear break of the trend line support level will target the 61.8% Fibonacci level at 1.05383.

EURUSD latest technical analysis

Figure: EURUSD daily technical analysis

Considering all the parameters the overall bias for the EURUSD pair remains slightly bullish for the upcoming week. We will look for buying opportunity near the critical support level in the market with bullish price action confirmation signal. However, if the market breaks the both the critical support level in the market then we are going to see another bearish run in the EURUSD pair towards the low 3rd January 2017.

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