EURUSD, 60 min
EURUSD created a bearish shooting star candle in yesterday’s trading. The day was rather volatile with the pair running up by X% and then closing below the opening price and near the session lows. Today we’ve seen some sideways action which is typical after market moves significantly on the day before. EURUSD has also found support from the proximity of April 4th high at 1.1465. Today’s low at the time of writing has been 1.1469. Market participants are also waiting for the US employment numbers for April from ADP which are due to be released at 12:15 GMT. No major change is expected to March numbers.
In the hourly chart the EURUSD pair can be seen in a descending channel but as mentioned, the 1.1465 support is not that far and has attracted buyers while it has also kept the bears in check. I expect that traders will tread carefully until the ADP number is out even though no major change is expected. I’m seeing resistance at 1.1500 and 1.1511 with the nearest support at 1.1465. The 4h chart has now a doji candle which suggests the downside momentum has faded and the pair could try to retrace some of yesterday’s losses. However, the 1.1532 to 1.1570 should be a challenge for the bulls and this Sell Area has potential to turn the pair down again. We will follow the price action to see if market supplies us with sell signals. Should this happen my target one is at 1.1480 and target two at 1.1410.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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