Forex forecast

EUR/USD breaking through 1.3800…again!

08.04.2014 20:19:57

EUR/USD Current price: 1.3804

The EUR/USD advances strongly this Tuesday, having already erased ECB and Payrolls losses, flirting with the 1.3800 level again. The strong upward momentum was due to a general dollar weakness which follows stocks nose diving all over the world. The hourly chart shows indicators heading firmly up despite in overbought territory, while price overcame 1.3780 static Fibonacci level and immediate support. In the 4 hours chart the technical picture is also quite strong, supporting more advances for the upcoming hours: a daily descendant trend line coming from 1.3966 stands now around 1.3830 acting as probable target and strong resistance. Expect stops to be gathered above and therefore trigger an upward continuation if reached.

Support levels: 1.3780 1.3750 1.3720 

Resistance levels: 1.3830 1.3865 1.3910