FX.co ★ Hot forecast for EUR//USD on April 22, 2024

The volume of short positions on EUR/USD fell around the support level of 1.0600. As a result, there was a rebound, and the euro recovered approximately 0.5% of its value.

On the 4-hour chart, the RSI hovered along the 50 mid line, indicating uncertainty among market participants.

On the same time frame, the Alligator's MAs are intersecting each other, which points to a stagnant phase.

Outlook

In this situation, we can see a slowdown in the downward cycle, which resulted in a stagnant phase within the 1.0600/1.0700 range. In order to leave this range, the price must settle beyond one of the levels.

Complex indicator analysis indicates a flat phase in the short- and long-term timeframes.