Disappointing prints from the German/EMU ZEW survey put the single currency under extra downside pressure, while the bounce off daily lows in the buck also added to the drop. A more detailed technical picture is painted below in this 17 April EURUSD Intraday Technical Analysis. Read on!
17 April, OctaFX – The euro has started to move lower against the greenback during the European trading session, after being strongly rejected from the 1.2400 technical level.
The EURUSD pair is currently testing the pivotal 1.2382 level, after finding strong selling from the 1.2413 level earlier. A firm close above the 1.2430 level is needed to cement the euro bull case going forwards, whilst the EURUSD has struggled to find buying long-term buying interest above the 1.2400 level, so far this year.
17 April EURUSD Intraday Technical Analysis
The EURUSD pair is intraday bullish while trading above the 1.2382 level; resistance is now found at the 1.2413 and 1.2430 levels.
Should the EURUSD pair start to trade below the 1.2382 level, the seller may test the 1.2344 and 1.2300 levels.
This article about 17 April EURUSD Intraday Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.