Technical analysis for EURUSD for April 4, 2019

EURUSD has bounced as expected but so far the move higher has been weak and price only managed to reach the first short-term resistance and trend change level. Medium and short-term trend remain bearish.

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Red line - major resistance trend line

Blue lines - bullish divergence

Green line - major support trend line

EURUSD as we noted in previous posts has been giving bullish divergence signs making us expect a bounce. Short-term resistance at 1.1250 is being tested. Break above it and short-term trend changes to bullish and we could see a move even higher towards 1.13-1.1340. Medium-term trend remains bearish as long as price is below 1.14 and below the red resistance trend line. Support is at 1.12 and below that we have 1.1140. I continue to expect price to bounce higher specially if we break above 1.1250.

The material has been provided by InstaForex Company - www.instaforex.com

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