EURUSD Daily Forecast Apr 07 2017

EURUSD: Bearish But Hesitates Ahead Of 1.0600 Levels.

EURO -dollar - 69875

EURUSD: Bearish But Hesitates Ahead Of 1.0600 Levels.

Although EURUSD is bearish, it’s seeing hesitating ahead of its key support at the 1.0600/1.0569 levels, unless it breaks and holds below that level, the risk to trigger a corrective recovery has occurred. However; above here will turn the focus on the 1.0700 levels where a break will aim main resistance at the 1.0768 levels. At this point, I’d expect a strong resistance from that level to limit any upside move and bring fall resumption, anyway, above 1.0768 will pave the way to the 1.0825/1.0872 levels.

On the downside, immediate support comes at the 1.0600 levels ahead of the 1.0569 levels, a halt is likely and a rebound may be seen from here, but a cut through the 1.0569 levels will accelerate the bearish move to the 1.0480 levels ahead of the 1.0380 levels.

Conclusion: The EURUSD continues to face downside threats below 1.0768/1.0700 levels even in the case of a corrective recovery…