EURUSD analysis Wednesday, April 7

EURUSD analysis Wednesday, April 7

In the EURUSD weekly chart, the euro jumped from the support of $ 1,1620 and can rise to higher levels. The next resistance is EURUSD at $ 1.80. On the EURUSD daily chart, we see a similar uptrend, with the euro strengthened by $ 1.1710 support. In the EURUSD four-hour chart, the euro jumped to support at $ 1,1797. This support is in good agreement with an estimate of 78.6% Fibonacci and a correction of 50% Fibonacci.

The $ 1.80 resistance area and the $ 1.1797 support area are key EURUSD levels.

 

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Previous analysis EURUSD

Check the EURUSD trend

Check the EURUSD trend

The short-term trend of the euro against the US dollar is declining. An uptrend starting at $ 1,2348 could push the EURUSD pair to the 100% Fibonacci level at $ 1,1845. EURUSD is expected to form a price floor around these levels. From the buyers' point of view, if the EURUSD crosses above the $ 1.90 resistance level, the short-term market trend will be neutralized. A break of resistance at $ 1,212 will confirm the formation of a short-term price floor. However, if the EURUSD falls below $ 1.1845, the downtrend will pave the way for the Fibonacci 38.2% correction at $ 1.1694.