EUR/USD: technical analysis and trading recommendations_02/04/2022

 
 
 
 
 
 
 

Today, for the fifth day in a row, EUR/USD is developing an upward trend, coming close to the local resistance level 1.1480. In case of its breakdown, the upward correction may continue towards the resistance levels 1.1510 (EMA144 on the daily chart), 1.1570 (EMA200 on the daily chart). Breakdown of the key long-term resistance level 1.1590 (EMA200 on the weekly chart) may return EUR/USD to the zone of the long-term bull market with the prospect of growth to resistance levels 1.1760 (EMA200 on the monthly chart), 1.1780 (Fibonacci 38.2% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, to the level of 1.0500). Further prospects should be assessed after reaching these marks.

In an alternative scenario, the first sell signal will be a breakdown of the support level 1.1440 (the upper limit of the descending channel on the daily chart) with the prospect of EUR/USD returning inside this channel and falling to the lower boundary of the descending channel on the weekly chart, currently passing through the 1.1000 mark.

In our main scenario, the growth of EUR/USD will still be limited by the resistance levels 1.1510, 1.1570, 1.1590.

Support levels: 1.1440, 1.1400, 1.1345, 1.1318, 1.1298, 1.1285, 1.1235, 1.1195, 1.1174, 1.1100, 1.1000, 1.0900, 1.0730

Resistance levels: 1.1480, 1.1510, 1.1570, 1.1590

Trading Recommendations

Sell Stop 1.1420. Stop Loss 1.1490. Take-Profit 1.1400, 1.1345, 1.1318, 1.1298, 1.1285, 1.1235, 1.1195, 1.1174, 1.1100, 1.1000, 1.0900, 1.0730

Buy Stop 1.1490. Stop Loss 1.1420. Take Profit 1.1510, 1.1570, 1.1590