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Bullish Short-Term Outlook

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and the bull trigger
  • RES 3: 1.0943 High Mar 21
  • RES 2: 1.0883 61.8% retracement of the Mar 8 - Apr 2 bear leg
  • RES 1: 1.0877 High Apr 04
  • PRICE: 1.0858 @ 05:36 BST Apr 9
  • SUP 1: 1.0791/25 Low Apr 5 / 2
  • SUP 2: 1.0695 Low Feb 14 and the bear trigger
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull rally

EURUSD continues to trade closer to last week’s 1.0877 high (Apr 4). The break of resistance at 1.0864, the Mar 26 high, highlights a positive development for bulls and a resumption of gains would open 1.0943, the Mar 21 high. On the downside, a reversal would instead refocus attention on 1.0725, the Apr 2 low ahead of the key support at 1.0695, the Feb 14 low and bear trigger. Initial support lies at 1.0791, Friday’s low.

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