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Euro Dollar Technical Analysis

22 April 2016 – EUR/USD

EUR/USD trades virtually unchanged after the ECB meeting

• EUR/USD traded higher on Thursday after the ECB decided to keep its monetary policy unchanged and continued higher on Draghi’s comments that broad financing conditions have improved. Nevertheless, the rate hit the resistance line of 1.1390 (R2) and after the press conference was over, it gave back all its gains to trade virtually unchanged. EUR/USD is now trading slightly above the 1.1280 (S1) level, where a decisive break is likely to open the way for the next support hurdle at 1.1235 (S2). Our short-term momentum studies detect somewhat negative momentum and support that the pair could continue trading lower in the short run. The RSI slid back below its 50 line, while the MACD, already below its trigger line, has turned negative. As for the bigger picture, EUR/USD is still trading within a wide range between the 1.0800 key obstacle and the psychological area of 1.1500. As a result, I would consider the longer-term path to be sideways.

• Support: 1.1280 (S1), 1.1235 (S2), 1.1175 (S3)

• Resistance: 1.1335 (R1), 1.1390 (R2), 1.1440 (R3)

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