EURUSD pauses decline, downside risk remains

April 1, 2015

EURUSD bounced from Tuesday’s low of 1.0712, pausing the recent 4-day decline from 1.1051. The daily tenkan-sen line crossing above the kijun-sen line indicates some consolidation in in play. Upside is limited by solid resistance at the March 26 high of 1.1052. This is also the 61.8% Fibonacci retracement level of the downleg from 1.1449 to 1.0461. The January 26 low of 1.1096 is also an important resistance level and a decisive break above this would reverse the downside bias. Meanwhile a break below 1.0678 would open the path to retest the March 13 low of 1.0461 and below this would confirm the bearish trend.

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