EUR has been empowered by the 10-year government bonds yield in Germany and the export rate growth from January along with the import rate reduction. While EURUSD is continuing its slow bullish pattern, the US will release the Fed announcement. The price has been choppy since the beginning of April moving within 1.13267 and 1.14506 ranges. The pair is finding support at 1.1380 with resistance at 1.1440 both above the monthly pivot point at 1.1203. The EMA of 10 is located above the EMA of 50 showing the price growth in recent days. The MACD indicator is in positive territory signaling the price growth and the RSI is above the 50 level confirming the same scenario. However the pair has created as wedge pattern from the previous low at 1.08175 which might push the price above the resistance level at 1.1440 and target 1.4506 again but then it might change its direction to downward. At the moment long positions are recommended with resistance breakout and targeting 1.1550.
Technical analysis of EURUSD dated 11.04.2016
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