Technical analysis of EUR/USD for April 28, 2020

Trading 28 avr 2020 Donner votre avis



The resistance of EUR/USD pair has broken; it turned to support around the price of 1.0813 yesterday. Thereby, forming a strong support at 1.0813. The level of 1.0813 coincides with a major support today. The EUR/USD pair set above strong support at the level of 1.0813, which coincides with the double bottom (50% Fibonacci retracement level). This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.0813 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 1.0813 and 1.0800. The Eur/USD pair is trading in a bullish trend from the last support line of 1.0813 towards the first resistance level at 1.0901 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.0901 and further to the level of 1.0952. The level of 1.0990 will act as second resistance and the double top is already set at the point of 1.0990. At the same time, if a breakout happens at the support levels of 1.0813, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario as lon as the price is set above the spot of 1.0813.

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