Technical analysis of EUR/USD for April 12, 2017

EUR/USD is bouncing off important long-term support. This could be the start of the next big move upwards towards 1.11 but first the pair will need to break some important resistance levels. In the short term, we remain bullish as there are indications that a bounce has started that will at least push price towards 1.07.

With a low around 1.0565 price has reversed and is making higher highs and higher lows on the 4-hour chart. Short-term resistance is at 1.0620-1.0630. Breaking above it will open the way for a push towards 1.0680-1.0720 but a pullback below 1.06 may be needed first.

Red line -long-term support trend line

The EUR/USD Daily chart shows how price has held above the red trend line support coming from 1.0340 and the cloud support. A daily close above 1.0635 will be a bullish sign. The potential is big for the upside if we do not break below 1.05 as price is making higher highs and higher lows since December.

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