Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 06-APR-2022

EUR/USD Daily Analysis

As indicated in yesterday’s analysis, the EUR/USD intraday bias remains bearish. Currently, the pair is trading at 1.0981 after having touched a low of 1.0887 earlier in the European session. The intraday support levels are at 1.0871 and 1.0845. The near-term resistance levels are at 1.1933 and 1.1968.

On the intraday charts, the price pattern is strongly bearish. The pair is keeping below the moving averages with SMA-14 indicating resistance at 1.1016 and the SMA-50 resistance line at 1.1150. The pair is also keeping below the mid-band which is at 1.1008 while the upper and lower bands are at 1.1139 and 1.0878. The RSI is below the neutral zone and favors the bears. Based on the intraday price pattern the pair is likely to drop further which makes it ideal for selling entries around 1.1920 with a target of 1.1860 and a stop-loss at 1.1945.

Bears require an intraday closing below 1.0870 to strengthen their hold. Failing to achieve that may help bulls to gain some control and test the 1.0970 resistance level in the coming days.

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