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EURUSD Technical Forecast 20 April 2020

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EURUSD Chart Setup

EURUSD’s decline from 1.0990 continues last week. It seems that bearish bias will continue in this week also. Bearish pin bar formed on H4 chart which indicates sell signals on this pair.

On the chart, it is shown that this pair has broken triangle formed on H4. After the breakout, this pair is now retesting this triangle with the pin bar. It can be good sell opportunities.

Near term, support lies on 1.0768 level. For sell, the target will be near to this support level. Breakout of this support level can extend bearish rally towards next support 1.0635 major support level.

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On the other side, price above 1.0990 resistance level can lead this pair on bullish bias. After the breakout of 1.0990, price may move to 1.1038 resistance level. Further bullish movement can extend upto 1.1145 resistance level.

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On higher time frame on daily chart, this pair is still on bearish mode where price is falling from 1.1495 level. As long as this pair stays below near term resistance level, this pair will be on sell mode.

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