EUR/USD analysis for April 12 2021 – Potential for the downside rotation towards the support level at 1.1875
A positive signal for the UK as parts of the economy reopen today
The UK has allowed non-essential shops to reopen starting from todayA really optimistic signal is that UK footfall across all retail destinations are reported to be up by 218% week-on-week, which indicates that people are actually up and about already.
That may yet provide a strong tailwind for April and Q2 prospects, especially if pent-up demand translates over to consumption activity during the quarter.
If things continue to go well with the virus situation and the vaccine rollout stays on course, summer is starting to look really bright for the UK; all things considered.
Analyzing the current trading chart of EUR/USD, I found that there intraday overbought condiiton and that EUR is near the resistance at the price of 1.1920.My advice is to watch for selling opportunities and the downside rotation towards the level of 1.1875.Stochastic oscillator is overbought, which is another sign for weakness.
Key Levels:Resistance: 1.1925Support level: 1.1875
The material has been provided by InstaForex Company – www.instaforex.com