EUR/USD Daily Forecast – 28 April

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Wednesday, Apr 27 2016

Euro was traded in a tighter range in the course of the Wednesday's session, with more volatility after FOMC statement. However, after initial decline, euro found support around 1.1270 level, and quickly rebounded breaking again above 1.13 handle. As for Thursday we can expect some amount of support around 1.1270 level, initially and 1.1250 in extension, while resistance can be expected at 1.1360 and above 1.1380 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.

Last modified on Wednesday, 27 April 2016

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