Forex Analysis:::2021-04-02T11:00:38
Technical Analysis of EUR/USD for April 02, 2021
Overview :
- The EUR/USD pair will continue to rise from the level of 1.1761. The support is found at the level of 1.1761, which represents the 23.6% Fibonacci retracement level in the H1 time frame.
- The price is likely to form a double bottom. Today, the major support is seen at 1.1761, while immediate resistance is seen at 1.1825.
- Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1800.
- So, buy above the level of 1.1800 with the first target at 1.1825 in order to test the daily resistance 1 and move further to 1.0027.
- Also, the level of 1.1854 is a good place to take profit because it will form a new double top. The the level of 1.1854, which represents the 61.8%
- Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1761 to 1.1854 today.
- However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1761, a further decline to 1.1703 can occur, which would indicate a bearish market.
Mourad El Keddani
Analyst InstaForex
