EUR/USD-Strong Euro Bounce Breaks Downtrend

This is the daily EUR/USD outlook for April 13.

The EUR saw a strong bounce early this week, and that buying pushed the EUR/USD above the previous swing high at 1.3590.  That move negates the downtrend.

Support is at 1.3565, minor support at 1.3520, the further support at 1.3490, 1.3440 and 1.3420.

Some resistance has developed at 1.3620, 1.3660 and then Monday’s high in 1.3690 area.  If this high breaks, resistance is at 1.3730-1.3740, 1.3760 and 1.3800-1.3815.

Downtrends have been broken on the longer and short terms.  Trading remains choppy with no dominant trend establishing itself over the last 2 months.  Bias was downward, but with broken trendline that has shifted to neutral.  A rise above 1.3700 would put a short-term upward trend in place.

Cheers,

Cory Mitchell, CMT
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