EUR/USD Technical analysis 12 April 2020

12 April 2020

EUR/USD Analysis

By

Edward M. Hamman

Senior technical analyst

Good day traders

I hope you all are 

As per my previous blog, "beginning of quarter 2, 2020", the market was as bullish as was predicted. I had my buy order in and it closed with a good number of pips. Now we are looking at the week to come and all I see so far is bearish movements.

The past bullish week did not make much of an upward difference. It still made a lower high and the trend is still downward. 

The above figure shows how strong the dollar still is, en the euro is trying but struggling. And the dollar is not finished yet. The dollar is still in am upward position as it is growing stronger. 

With the euro weakening, we see a bearish week coming along. 

The weekly euro shows that it ended at the exact same level as 31 Jan 2020, which is an overbought level. It is just more proof of a bearish upcoming week.

Keep an eye on the fundamentals on our blog. We will be posting more updates as the days go by. 

(The information provided is purely speculative and we do not accept any gains or losses that may result from our analysis)