EURUSD has become volatile and corrective, but still holding the price below 1.2000 to 1.1990 area. EURUSD sustains below 1.2000 psychological resistance level. Will bears push the price lower in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis.
April 19, 2021, | AtoZ Markets – EURUSD is currently trading around 1.1990 area and trying to push upside. After rejecting 1.2000 to 1.1990 resistance area, the bears pushed the price downside quite impulsively, but failed to sustain the bearish pressure below 1.1720 to 1.1700 area and bounced upside. As per the current price action context, the price may face strong resistance again around 1.2000 to 1.1990 area in the coming days.
EURUSD Sustains Below as the Resistance Level Working Strongly
EURUSD is currently residing near 1.1990 area and trying to recover higher. However, the dynamic level of 20 EMA is holding the price as strong support on the intraday chart.
Image: EURUSD 4 Hour Chart
According to the 4-hour chart, EURUSD sustains below and currently trading around 1.1990 area. As per the current scenario, if the price can break over 1.1990 to 1.2000 area with an impulsive bullish candle close, the bulls may sustain the bullish pressure towards 1.2090 to 1.2100 area in the process. On the contrary, if the price rejects 1.2000 to 1.1990 area with a 4-hour bearish candle close, the bears may regain momentum and decline towards 1.1870 to 1.1850 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support in the days ahead. Moreover, the ADX line is currently residing below level 30 and falling downside. It indicates that the current bullish momentum is not quite strong to sustain further.
EURUSD May Recover Further
According to the daily chart, EURUSD sustains below, but the bulls are still optimistic. As per the current price action, if the price can have an impulsive daily bullish candle above 1.1990 to 1.2000 resistance area, the bulls may continue the bullish momentum towards 1.2090 to 1.2100 area as a first target. The second target will be 1.2230 to 1.2250 key area if the price can break above 1.2090 to 1.2100 area in the coming days. Alternatively, if the price pushes higher and rejects 1.2090 to 1.2100 area with a daily bearish candle, the bears may regain momentum and push the price lower towards 1.2000 to 1.1990 area in the days ahead.
Image: EURUSD Daily Chart
Along with this, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price higher. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands’ upper band is currently residing above the price, which may work as strong resistance in the days ahead.
To conclude, as long as the price residing below 1.1990 to 1.2000 resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.