EUR/USD Daily Forecast – 20 April

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Tuesday, Apr 19 2016

Euro spent yesterday's session in an uptrend supported by better than forecasted German Economic Sentiment figures, forming support at 1.14 handle and going all the way 1.1380 level, where it found some amount of resistance. Tomorrow we can expect some amount of support around 1.13 level, at least initially and resistance at 1.14 and above 1.1450 level in extension, so this is where we would consider placing short-term selling bids.

In long-term trends, we have no interest in selling the pair as there is plenty of support all the way to 1.1050 handle. We would use any pullback as a buying opportunity, since we believe that pair will go all the way to 1.15 handle given enough time, though we cannot expect an easy way up.

More in this category: « GBP/USD Daily Forecast – 20 April AUD/USD Daily Forecast – 21 April »

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