EURUSD Technical Analysis: Key Support at 1.1544
Daily Market Overview
The euro continued its upward trajectory on April 9, closing at 1.16990, building on sustained bullish momentum across the week. The pair has established a clear uptrend, gaining over 150 pips since the March 31 low of 1.14680. Today’s analysis focuses on critical technical levels and what traders should monitor heading into the weekend.
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Daily Structure:
- Resistance: 1.17230 (yesterday’s high) and 1.1750 (psychological level)
- Support: 1.16620 (today’s opening), 1.1650 (intermediate), 1.1544 (key structural support)
- Trend: Bullish with higher highs and higher lows established over the past week
The pair’s recent price action shows strong buying pressure following last Friday’s consolidation. The close above 1.1699 yesterday signals continuation potential toward 1.1723-1.1750 resistance. However, traders should note that we’re approaching overbought conditions on the 4-hour timeframe, suggesting a potential pullback to 1.16500-1.16650 could provide a healthy entry for continuation trades.
Key Observation: The distance from current levels to our key support at 1.1544 represents a 155-pip buffer—a reasonable risk-reward setup for bullish positions targeting the 1.1750 resistance zone.
Other Major Pair Movements
While EURUSD dominated headlines, the broader dollar complex showed mixed signals:
- GBPUSD: Likely trading with sterling strength aligned to euro momentum
- USDJPY: The yen remains a safe-haven proxy; watch for divergence if risk sentiment weakens
These correlations matter—a breakdown in EURUSD often precedes broader dollar strength affecting all pairs.
Economic Calendar Highlights
Today (April 10):
- Eurozone: Industrial Production data (preliminary)
- US: Initial Jobless Claims (weekly release)
Next Week Watch List:
- ECB Speakers: Monitor any hawkish or dovish commentary
- US Inflation Expectations: CPI data typically drives major euro-dollar moves
- Fed Officials: Watch for rate guidance that could shift dollar direction
The industrial production data from the Eurozone could impact euro positioning if it signals economic weakness, potentially capping the current rally.
Trading Outlook
Bullish Scenario: If EURUSD holds above 1.16500 on any pullback, the next target is 1.1750. A break above this level opens the door to 1.1800+. This would require confirmation from improving eurozone economic data or slower-than-expected US inflation.
Bearish Scenario: A failure to hold 1.16620 support combined with stronger US economic data could trigger a reversal toward 1.1544. Below that level, the March structure breaks and we’d reassess toward 1.1450-1.1500.
Recommended Approach: For swing traders, waiting for a retest of 1.16500-1.16650 offers a cleaner entry with defined risk. Day traders might look for breakout scalps above 1.1723 with tight stops. If you’re looking to systematize these setups, our grid trading strategy guide covers position sizing for exactly these market conditions.
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This analysis is for educational purposes only and does not constitute financial advice. Trading forex carries significant risk. Past performance is not indicative of future results.