Forex forecast

EUR/USD: watch for a break above 1.3860

17.04.2014 18:34:13

EUR/USD Current price: 1.3846

The EUR/USD retraces some from a fresh weekly high posted ay 1.3864 following better than expected US unemployment claims down to 304K. Nevertheless, the pair holds its recent gains consolidating around 1.3850 key level, and with the hourly chart showing indicators turning south in positive territory and price above a slightly bullish 20 SMA. In the 4 hours chart technical readings present a slightly bullish tone that support another run higher in the short term, with a break above 1.3865 pointing for an advance up to 1.3890 price zone.

Support levels: 1.3825 1.3780 1.3750 

Resistance levels:  1.3865 1.3890 1.3925