EURUSD pauses downtrend and consolidates

April 6, 2015

EURUSD rallied sharply on Friday to 1.1026 from 1.0876 on the back of weak US nonfarm payrolls. The pair is now consolidating these gains. The intraday bias remains neutral as the pair has been trading in a range between 1.0712 and 1.1051 since mid-March.

Any upside moves should be limited by 1.1051 and to the downside support is seen at 1.0712. The multi-year low of 1.0461 is as critical support level and a break below this would strengthen the overall bearish trend.

For now the downside has stalled as indicated by the RSI being above 50 in bullish territory and also the tenkan-sen line has crossed above the kijun-sen, this being a bullish signal.

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