Overview:
- The EUR/USD pair will continue falling from the level of 1.1400 in the long term. It should be noted that the level of 1.1376 represents a minor resistance on the H1 chart. On the other hand, support is established at the level of 1.1326 which represents the 61.8% Fibonacci retracement level. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the lowest level of 1.1376. So, sell below the level of 1.1376 - 1.1376 with the first target at 1.1326 in order to test the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.1220. Also, it might be noted that the level of 1.1220 is a good place to take profit because it will form a double top. However, in case a reversal takes place and the EUR/USD pair breaks through the resistance level of 1.1400, then the market will show signs of a bullish trend. In other words, buy orders are recommended above 1.1400 with the targets at 1.1437 and further to 1.1520.
Intraday technical levels:
Date:4/04/2016
Pair:EUR/USD
- R3: 1.1786
- R2: 1.1611
- R1: 1.1501
- PP: 1.1326
- S1: 1.1216
- S2: 1.1041
- S3: 1.0931
