EURUSD Daily Forecast Apr 05 2017

EURUSD, Bearish But Hesitates Ahead Of Key Support!


EURUSD, Bearish But Hesitates Ahead Of Key Support!

Outlook in EURUSD remains on the downside as long as 1.0768 resistance holds on a daily closing basis, support comes at the 1.0602/1.0569 levels,  a halt is likely and a reversal may occur, however; a cut through the 1.0569 levels would open 1.0480, further down, support comes at the 1.0380 levels.

On the upside, resistance stands at the 1.0701 levels ahead of the 1.0768 levels (main), above 1.0768 sees a recovery risk to the 1.0872 levels before the next falling….

Conclusion: The EURUSD continues to face downside threats below the 1.0768 levels with risk to the 1.0602 levels, above 1.0768 levels sees a recovery risk to the 1.0872 level before the next falling…

Note: According to 4-hour timeframe, the pair is in recovery mode above 1.0647 levels, but recovery above 1.0647 should be limited by 1.0700 levels, above 1.0700 will extend recovery to 1.0740/1.0772 where fall resumption is very likely…below 1.0647 will turn the focus on the 1.0600/1.0569 levels…