EURUSD Technical Analysis Report 18 April, 2024

Dmitry Chernovolov Market Analyst

EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).

– EURUSD reversed from key resistance level 1.0690

– Likely to fall to support level 1.0600

EURUSD currency pair continues to fall after the earlier downward reversal from the key resistance level 1.0690 (former multi-month support from February) standing close to the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of April.  The downward reversal from the resistance level 1.0690 accelerated the active impulse wave iii, which belongs to the higher downward impulse waves 3 and (3).

Given the clear multi-month downtrend and the continuation of the strong USD positivity seen across the FX markets over the last days, EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).

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