FX.co ★ Short-term technical analysis on EUR/USD for April 8, 2021

EURUSD is trading above 1.19 after a bottom right on our target of 1.17 and 38% Fibonacci retracement of the entire upward move from 1.06 to 1.2350. EURUSD is making higher highs and higher lows and has reached the 38% Fibonacci retracement resistance of the last downward move from 1.2235.

EURUSD has respected the major Fibonacci support at 1.17 and is bouncing. Price is now challenging the short-term Fibonacci resistance at 1.19. Next upside target and resistance is at 1.2035 (61.8% Fibonacci retracement). EURUSD support is at 1.1860 and a break below it could push price back towards 1.18 or lower again. Staying above 1.1860 is key for the continuation of this upward move towards 1.2035. I see that it is more likely for price to move higher from current levels towards 1.20-1.2035 where very important resistance is found.