EURUSD Technical Outlook


EUR/USD remains under pressure so far this week, trading in the lower bound of the weekly range in the 1.2252 region. The pair remains under heavy pressure in a context of broad-based demand for the greenback. What more is explained in this 6 April EURUSD Technical Outlook? Read on!

6 April, OctaFX – The euro has moved to its lowest trading level against the greenback since March 1st, as fears over a slowdown in eurozone economic activity weigh on the single currency.

EURUSD Under Pressure Under 1.2252 

The EURUSD pair currently trades around the 1.2239 level, after finding interim technical support from the 1.2217 level. Traders now look towards the release of German Industrial production data, with downside pressures likely to intensify while price-action trades below the 1.2252 level.

6 April EURUSD Technical Outlook

  • The EURUSD pair is under pressure while trading below the 1.2252 level, key support is found at the 1.2205 and 1.2160 level.

  • If the EURUSD pair moves above the 1.2252 level, buyers may look to test towards the 1.2275 and 1.2300 resistance levels.

Disclaimer

This article about 6 April EURUSD Technical Outlook 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.

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