The EUR/USD finished the week on a higher note, though it remains below the 1.1000 figure, albeit economic data from the United States (US) bolstered the US Dollar (USD). However, late into the Wall Street close, the greenback lost strength, US equities rose, and the Euro  (EUR) recovered some ground. Hence, the EUR/USD is trading at 1.09892 after reaching a low of 1.0937.

From a daily chart perspective, the EUR/USD remains supported by the 20-day EMA from March 20 until today. Yet EUR/USD tested the April 21, 2022 high-turned-support at 1.0936, bounced off, and clung to the 1.0980s area amidst the lack of an impactful catalyst that could break the EUR/USD’s trading range. Should the EUR/USD reclaim 1.1000, a test to the YTD high is on the cards, followed by 1.1100. Conversely, a fall below 1.0900 will expose the 20-day EMA at 1.0911. If EUR/USD drops below the latter, a dive to 1.0800 is likely.

On the weekly chart, An uptrend on EURUSD will start as soon, as the market rises above resistance level 1.1075, which will be followed by moving up to resistance level 1.1184. The downtrend may be expected to continue, while market is trading below resistance level 1.1075, which will be followed by reaching support level 1.0759.

While observing the monthly chart An uptrend will start as soon, as the market rises above resistance level 1,1032, which will be followed by moving up to resistance level 1.1494. The downtrend may be expected to continue, while market is trading below resistance level 1,1032, which will be followed by reaching support level 1,0516.

EURUSD to test recent HH level

Apr 23 2023

Take Profit +0.72%

Holding time 21hr

1.09804

Entry price

1.10596

Take profit price