EURUSD Forecast April 20, 2017, Technical Analysis
The EURUSD pair pulled back just a bit during the trading session on Wednesday, but still looks bullish and overall the market has been grinding higher sense late December.
The EURUSD pair pulled back just a bit during the trading session on Wednesday, but still looks bullish and overall the market has been grinding higher sense late December.
The EURUSD pair rally during the day on Tuesday, reaching towards the 1.07 level.
The EURUSD pair rally during the day on Monday and relatively thin conditions as Europeans would’ve been celebrating Easter Monday.
The EURUSD pair initially tried to rally during the day on Friday, but then broke down below the 1.06 handle during the day.
EURUSD has been selling off recently but it could be approaching a turning point as it nears the bottom of the longer-term ascending channel visible on the 4-hour time frame.
EURUSD’s upward movement from 1.0494 extended to as high as 1.0905.
Financial markets opened in a bit of a panic mode overnight in the wake of Trump’s failure to repeal Obamacare. Stock index futures slumped while the dollar index fell to its lowest since mid-November as the yen and euro both gapped higher. The dollar’s losses steepened after the London open as the GBP/USD climbed to near 1.26 handle and EUR/USD neared 1.0900. European stock indices bounced off their lows slightly.
The EURUSD pair initially fell during the day on Friday, but found enough support at the 1.0750 level to turn these around to form a hammer.
The euro finds itself higher across the board. The EUR/USD has risen above the 1.0800 handle again, the EUR/GBP to 0.8650 and the EUR/JPY was back at 120.00 at the time of writing.
EURUSD remains in uptrend from 1.0494, the fall from 1.0824 is likely consolidation of the uptrend.