10:11, 06 April
EURUSD Daily Analysis
The EURUSD pair traded lower in the previous session to close at 1.2240, after nudging a low at 1.2218. As of now, the daily MACD and RSI indicators trading below their centerlines, along with the stochastic indicator placed in its oversold territory, hints the presence of bearish momentum in the pair. In addition, the 8H momentum oscillators are trading with a negative bias, further confirming the above stance. Key technical support is placed at the 1.2206/05 level, followed by the 1.2177/75 and 1.2143/40 levels. A move back below the latter might lead to further negative momentum in the pair. On the bright side, immediate resistance is aligned at the 4H 20SMA (currently placed at 1.2272/75), followed by the 2H upper Bollinger band (currently trading at 1.2302/05) and the 1.2335 level. A sustained break above the latter might trigger acceleration to the upside.