EUR/USD Forecast April 11, 2017, Technical Analysis

EUR/USD daily chart, April 11, 2017

The EUR/USD pair fell initially during the day on Monday but turned around to form a supportive candle. The 1.06 level above continues to offer resistance though, so it’s likely that we will continue to see choppiness. Ultimately, it looks as if the markets are starting to see more bearish pressure, but the bounce that appears to be starting should be healthy for sellers to get involved. The 1.05 level underneath should continue to be a supportive level, and I do not expect a breakdown through there on the first attempt. Buying isn’t a thought into we cleared the ledge at the 1.0675 area.

Written by FX Empire