Chart_16-05-04_14-22-18

EURUSD, 60 min

EURUSD created a bearish shooting star candle in yesterday’s trading. The day was rather volatile with the pair running up by X% and then closing below the opening price and near the session lows. Today we’ve seen some sideways action which is typical after market moves significantly on the day before. EURUSD has also found support from the proximity of April 4th high at 1.1465. Today’s low at the time of writing has been 1.1469. Market participants are also waiting for the US employment numbers for April from ADP which are due to be released at 12:15 GMT. No major change is expected to March numbers.

In the hourly chart the EURUSD pair can be seen in a descending channel but as mentioned, the 1.1465 support is not that far and has attracted buyers while it has also kept the bears in check. I expect that traders will tread carefully until the ADP number is out even though no major change is expected. I’m seeing resistance at 1.1500 and 1.1511 with the nearest support at 1.1465. The 4h chart has now a doji candle which suggests the downside momentum has faded and the pair could try to retrace some of yesterday’s losses. However, the 1.1532 to 1.1570 should be a challenge for the bulls and this Sell Area has potential to turn the pair down again. We will follow the price action to see if market supplies us with sell signals. Should this happen my target one is at 1.1480 and target two at 1.1410.

 


 

 

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY pops and drops on BoJ's expected hold

USD/JPY pops and drops on BoJ's expected hold

USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures