FX.co ★ Technical analysis of EUR/USD for April 18, 2016

Overview:

• Today, a major support is seen at the level of 1.1233. Moreover, the double bottom is also coinciding with a major support this week. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. In the H1 time frame, a minor resistance is found at the level of 1.1326 which means that the level of 1.1326 will be set above the moving average 100. Therefore, it will be advantageous to buy above the resistance area of 1.1326 with the first target at 1.1376. From this point, if the pair closes above the weekly pivot point of 1.1326, the EUR/USD pair may resume it movement to 1.1420 to test the weekly resistance 1. On the other hand, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bottom at 1.1189.

Daily key levels:

18/04/2016

• Major resistance:1.1557
• Minor resistance:1.1420
• Intraday pivot point:1.1326
• Minor support:1.1189
• Major support:1.1095