29.04.202215:29 Forex Analysis & Reviews: Technical analysis of EUR/USD for April 29, 2022

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Overview :

The bulls attempted to test and break above the 1.0581 resistance level but failed. As of now, the EUR/USD pair has three price ranges in the lower timeframe: The first is the 1.0581 band, which the price has already entered now, and is consolidating inside.

The EUR/USD pair has faced strong resistances at the levels of 1.0581 because support had become resistance on April, 2022.

So, the strong resistance has been already formed at the level of 1.0581 and the pair is likely to try to approach it in order to test it again.

However, if the pair fails to pass through the level of 1.0581, the market will indicate a bearish opportunity below the new strong resistance level of 1.0581 (the level of 1.0581 coincides with a ratio of 23.6% Fibonacci).

Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 1.0581 for that it will be good to sell at 1.0581 with the first target of 1.0471.

It will also call for a downtrend in order to continue towards 1.0400. The daily strong support is seen at 1.0400. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0649.

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