Technical outlook for EUR/USD

EURUSD FORECAST - TECHNICAL ANALYSIS
EUR/USD jumped on Wednesday, with bulls seemingly determined to challenge trendline resistance at 1.0950 after the FOMC announcement. In the event of a retest, sellers will need to fend off the advance; otherwise, there will be minimal obstacles to a rally towards 1.0970, a key Fibonacci level.

Alternatively, if upside pressure begins to fade and sellers spark a bearish reversal, support can be identified at 1.0890, followed by 1.0850, where an ascending trendline converges with the 50-day and 100-day moving averages.

Comment:

The driving force for recovery was the selling pressure on the USD when the DXY index dropped to 105.78. However, the upside prospects for EURUSD may be quite limited as the market is expecting that the ECB will cut interest rates in June, putting pressure on the Euro.

Comment:

FX options expiring April 24: Attention EURUSD

+++ Pay attention to EUR/USD at 1.0700. The pair is facing resistance around the 38.2 Fib retracement level of this month's decline at 1.0709.

Comment:

How will EUR/USD fluctuate after breaking the important resistance zone 1.07?

On the daily chart, EURUSD has broken through the key resistance level at 1.07 and is currently testing a failure at the intersection of the 50% Fibonacci retracement and the 21 moving average. This is an area where sellers are intervening to Prepare to push prices down.