EURUSD Rebounds and Extends Gain to the Region of 1.0900 Level

Share On Facebook
share on Linkedin

The common currency began the week on a steady tone, leading EURUSD to test Monday’s higher end of the range near 1.0900 marks. The FX pair looks to continue to Friday’s growth, though a crucial barrier test at 1.0900 level is still inaccessible. Furthermore, coronavirus trends seem to control, for the moment, the risk appetite dynamics.

©

EURUSD Price Analysis – April 20

Key Levels
Resistance Levels: 1.1496, 1.1146, 1.0990
Support Levels: 1.0768, 1.0635, 1.0569

EURUSD Long term Trend: Ranging

The pair is presently gaining 0.13 percent at 1.0863 level and a breakout of 1.0990 (high Apr.15) level may approach level 1.1055 (Moving Average 5 Top) level en route to level 1.1146 (high Mar.27). On the contrary, instant position aligns at level 1.0812 (low Apr.17), followed by level 1.0768 (low Apr.6) and subsequently level 1.0635 (low Mar.23, 2020).

In the larger context, the whole downtrend from 1.2555 (high) level may still be in effect as long as 1.1495 resistance level stays. The initial goal is level 1.0339 (low in 2017). Nevertheless, a continuous break of 1.1496 level may suggest that such a downward trend is over.

EURUSD Short term Trend: Ranging

Firstly, the intraday bias in EURUSD stays neutral, as consolidation from level 1.0635 may continue farther. At the downside, the break of level 1.0768 may increase the decline from level 1.1146 to low level 1.0635 retest.

On the contrary, the corrective trend from level 1.0635 will also be continued with yet another recovery over 1.0990 level. .Although upside at 1.1236 level will be constrained by a retracement of 61.8 percent from 1.1496 to 1.0635 levels.

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20201031 01:35:16