EURUSD Daily Forecast Apr 27 2017

Bullish But Hesitates Ahead of 1.0950 levels (Watch Out For Trend Reversal)!

EURO -dollar - 69875

Bullish But Hesitates Ahead of 1.0950 levels (Watch Out For Trend Reversal)!

Outlook in EURUSD remains on the upside as long as 1.0905 support holds on a daily closing basis, resistance comes at the 1.0950 levels, above that level will accelerate the move to the 1.1025 levels, further upside resistance comes around 1.1100 levels ahead of the 1.1200 levels…

On the downside, a daily closing back below 1.0905 should weaken recent rise and turn the focus on the 1.0824 levels, a halt is likely and buyers could push it higher from here, but if that fails to happen, expect the pair to weaken further towards the 1.0770/1.0700 levels…

Conclusion: The EURUSD continues to face upside threats above the 1.0905 levels (cautiously)…

Considerations:

1- On smaller timeframes, the pair formed a double top pattern which suggests possible reversal, immediate support comes around 1.0870 levels, a 4-hour closing below that level will confirm short term topping around 1.0950 levels and pave the way to the 1.0824 levels.

2- We are around month end, at the moment, the pair is above monthly and weekly resistance at 1.0828 levels, so a fall back below that level is possible before month end…                                         blank

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