EUR/USD Daily Forecast – 22 April

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Thursday, Apr 21 2016

After it was initially pushed higher, all the way to 1.14 handle, in the course of yesterday's session, euro pulled back to 1.13 handle due to dovish ECB stanzas. Tomorrow we can expect some amount of support around 1.1250 level, initially and 1.12 in extension, while resistance can be expected at 1.1380 and above 1.1420 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 pullbacks as a buying opportunities, 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 – 22 April AUD/USD Daily Forecast – 25 April »

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