The euro is showing signs of stabilizing against the US dollar after last week’s move back under the 1.1000 level largely struggled from a lack of fresh selling interest.
Therefore, the risk is to the upside, especially since riskier asset classes, such as stocks and cryptos are rapidly moving higher, and approaching bull market territory again.
For all intents and purposes, what happens this week for the EURUSD pair could well set the tone for the rest of April. We could well see a short squeeze in the EURUSD pair right upto the next FED meeting.
Jobs data from the United States will be a huge focus this week. With most traders eyes glued on the bond market, and as traders start to reprice the debt market amidst an expect 50 basis point rate hike next month.
On the technical front, EURUSD bulls need to move the price above the 1.1150 resistance level this week to really raise the odds of a wider recovery towards the 1.1400 level.
Sentiment is in favour of a correction to the downside this week. The ActivTrader market sentiment tool shows that some 68% of traders are currently bullish towards the EURUSD pair.
However, I think that we probably need to see EURUSD traders turning wholesale negative before the EURUSD pair goes full short-term technically bullish.
EURUSD Short-Term Technical Analysis
The four-hour time frame continues to show that the EURUSD pair has started to break under a bearish rising wedge type price pattern, however the downside momentum is lacking.
According to the four-hour time frame, the price trend is still bearish while the price is capped under 1.1080 in the short-term. Additionally, bulls need to move the price above the 1.1150 level to change the short-term trend.
See real-time quotes provided by our partner.
EURUSD Medium-Term Technical Analysis
Looking at the daily time frame, the EURUSD pair has bounced from the bottom of a huge triangle pattern, which is very encouraging for medium-term bulls.
I would also like to add that the EURUSD pairs 200-day moving average could act as a magnet for the price if bulls continue to make upside traction this week.
See real-time quotes provided by our partner.
A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!
© 2020 YouTrading UK - Leaders in Trader Training.
Cookie | Duration | Description |
---|---|---|
__cfduid | 1 month | The cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information. |
_wpfuuid | 11 years | This cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon. |
cf_use_ob | This cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires. | |
cookielawinfo-checbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-advertisement | 1 year | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Cookie | Duration | Description |
---|---|---|
YSC | session | This cookies is set by Youtube and is used to track the views of embedded videos. |
Cookie | Duration | Description |
---|---|---|
_ga | 2 years | This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors. |
_gid | 1 day | This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form. |
Cookie | Duration | Description |
---|---|---|
_fbp | 3 months | This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website. |
fr | 3 months | The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin. |
IDE | 1 year 24 days | Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile. |
test_cookie | 15 minutes | This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies. |
VISITOR_INFO1_LIVE | 5 months 27 days | This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website. |
Cookie | Duration | Description |
---|---|---|
_gat_UA-42160853-2 | 1 minute | No description |
cf_ob_info | No description | |
CONSENT | 16 years 8 months 3 days 6 hours 2 minutes | No description |