EURUSD Daily Analysis – April 7, 2015

EURUSD failed to break above 1.1052 resistance, and stayed in the trading range between 1.0713 and 1.1052. However, another rise to re-test 1.1052 resistance is still possible, a break of this level will indicate that the uptrend from 1.0462 has resumed, then next target would be at 1.1150 – 1.1200 area. Key support is at 1.0713, below this level will signal resumption of the long term downtrend from 1.3993 (May 8, 2014 high), then the following downward movement could bring price to 1.0000 area.

eurusd chart