April 16, 2021 : EUR/USD daily technical review and trade recommendations

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April 16, 2021 : EUR/USD daily technical review and trade recommendations

April 16, 2021 : EUR/USD daily technical review and trade recommendations

April 16, 2021 : EUR/USD daily technical review and trade recommendations

By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement.

The price zone around (1.1990) corresponds provided some temporary buying pressure.

However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.

Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which failed to hold for a while.

Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.

Hence, an upside pullback was expected to pursue towards 1.1840 which failed to provide sufficient bearish pressure.

The current Upside breakout above 1.1840 could enhance further movement towards 1.1990 (being tested now) where selling pressure maybe anticipated.

Until then, the EUR/USD pair remains trapped between the significant key levels between 1.1840 and 1.1990.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/217189/