EUR/USD Forecast: bullish within range

25.04.2014 14:05:01

Having been away from the market on Thursday is extremely disappointing to find out the EUR/USD stands at the exact same levels as 48 hours ago. But in fact, market has made another point yesterday, as Draghi jawboning on upcoming economic policies is clearly not enough to push price below the buying line around critical 1.3780 support zone: he needs to back up word with actions, and we are two weeks away from ECB meeting, which reduces chances of a breakout in the pair for the upcoming days.

The 4 hours chart shows a slightly bullish tone coming from technical readings, albeit price remains contained within range: the immediate support comes around 1.3820, and a price acceleration below it should lead to a retest of the mentioned 1.3780 yet further falls seem quite unlikely for today.  To the upside, the pair is still capped by 1.3860, and only above it will be able to extend gains up to 1.3900 price zone.