EURUSD Daily Forecast Apr 16 2015

Outlook in EURUSD remains neutral with risk to the downside , resistance comes at the 1.0706 levels , a failure to hold above the 10.706 levels on a daily closing basis could mean a return to the 1.0530 levels , a halt is likely , but a cut will restore the downside momentum and open the 1.0440 levels , further down will pave the way  towards 1.0277 levels..

On the upside , resistance comes at the 1.0706 levels , sustained breakout – daily closing – above the 1.0706  levels will put the pair in recovery mode . At this point I’d expect strong resistance from the 1.0762 levels to limit any upside move and bring fall resumption …..whatever; a clear break above the 1.0762 levels will extend the recovery towards the 1.0886 levels …

In all , As long as 1.0706/1.0762 resistance holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.0618/1.0530 levels ahead of the 1.0440 levels , above 1.0706 faces a recovery risk towards 1.0762 levels before the next fall…

Support zone : 1.0618/1.0530 , exit short inside this area , buyers will try longs here

Resistance zone :1.0706/1.0762 : sellers are likely to dominate the market here…


EURUSD Daily Forecast Apr 16 2015






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