09:21, 12 April

EURUSD Daily Analysis

The EURUSD pair traded higher for the fourth consecutive session yesterday and closed at 1.2367, after hitting a high at 1.2396. Even though the daily MACD is trading in its positive territory, the RSI and stochastic indicators are directing towards the south, reflecting at a negative technical outlook. Adding to it, a possible signal line crossover from above by the 4H MACD, accompanied by the 8H RSI and stochastic indicators trading with a downside bias, further supports the above stance. Crucial support is located at the 20day SMA (currently trading at 1.2324/20), followed by the 1.2293/90 and 1.2260 levels. A move back below the latter might lead to negativity in the pair. On the bright side, key technical resistance is placed at the 8H upper Bollinger band (currently placed at 1.2400), followed by the 1.2435 and 1.2462/65 levels. A break above the latter might trigger further bullish momentum in the pair.