EURUSD is resting on the 1.1707 level, that being the 23.6% Fibonacci retracement of the up leg from 1.0726 to 1.2010, capped by the mid-Bollinger band. The simple moving averages (SMAs) command a bullish tone while the short-term oscillators convey mixed signals in directional momentum.
The MACD and the RSI are transmitting a slight improvement in the pair with the MACD, in the negative region, pushing above its red trigger line and the RSI attempting to break above the 50 threshold. However, the stochastic oscillator has shifted negative, flashing further weakening in the price.
To the downside, immediate support may occur from the 23.6% Fibo of 1.1707 ahead of a key trough at 1.1612, where the lower Bollinger band is also located. A dive past this may then be challenged by the 100-day SMA, currently at 1.1534 and the adjacent limiting section from the 38.2% Fibo of 1.1519 until the 1.1496 inside swing high of March 9. Extra loss of ground may communicate frailty in the pair, seeing it hit the 1.1451 barrier before the focus turns to the 50.0% Fibo of 1.1368.
However, if buyers resurface, resistance may originate from the curbing mid-Bollinger band at 1.1762 and the overlaying 50-day SMA above at 1.1803. Climbing higher, the bulls may encounter the 1.1871 border before the highs of 1.1900 and 1.1916, which encapsulate the upper Bollinger band, attempt to shackle further advances. Surpassing these obstacles, the pair may jump to revisit the 28-month peak of 1.2010 and the 1.2055 barrier overhead.
Summarizing, EURUSD relays a neutral-to-bullish bias above 1.1612, the 100-day SMA and the 38.2% Fibo of 1.1519.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.