EURUSD Technical Analysis: Bullish Momentum Above 1.1700

EURUSD Technical Analysis: Bullish Momentum Above 1.1700

The euro has continued its impressive bullish rally as we enter Friday’s trading session, with EURUSD closing at 1.1719 on April 10th—a significant move that suggests institutional buyers remain in control. Over the past five trading days, the pair has appreciated approximately 180 pips, marking one of the strongest runs we’ve seen in recent weeks.

Daily Price Action Summary

EURUSD Daily Performance:

• April 10 Close: 1.1719
• April 9 Close: 1.1699
• April 8 Close: 1.1662
• 5-Day High: 1.1739
• 5-Day Low: 1.1522

The consistent higher highs and higher lows pattern since April 6th demonstrates textbook bullish structure. Yesterday’s price action saw the pair open at 1.1697 and push to an intraday high of 1.1739, before closing near the top of the range—a strong indication of buying pressure throughout the session.

Technical Observations

Key Support & Resistance Levels:

• Immediate Support: 1.1680 (yesterday’s open level)
• Strong Support: 1.1620 (April 8 low)
• Primary Resistance: 1.1750-1.1760 (psychological barrier)
• Extended Resistance: 1.1800 (recent swing high target)

The pair remains in a clear uptrend on the 4-hour and daily timeframes. Our analysis suggests that as long as price holds above the 1.1680 support level, bulls maintain control. Any break above 1.1750 could trigger momentum toward 1.1800, where we anticipate profit-taking.

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Other Major Pairs in Focus

While EURUSD dominates the attention, it’s worth monitoring:

• GBPUSD: Sterling continues to track the broader dollar weakness theme
• USDJPY: The yen weakness reflects lower Japanese yield differentials versus the Fed’s stance

Economic Events to Monitor

This Week & Ahead:

• US Inflation Data (CPI): Market expectations favor continued disinflation
• ECB Rhetoric: Watch for any hawkish commentary that might support the euro
• Risk Events: Geopolitical headlines could trigger sharp reversals, so maintain tight stops

Trading Outlook for April 11

Bias: BULLISH (with caution)

We expect continued strength into the weekend, but traders should be aware of thin liquidity in the final session. Our recommendation:

1. Long trades: Target entry on dips to 1.1700-1.1710 with stops below 1.1670
2. Profit-taking zones: Consider taking partial profits at 1.1750 and 1.1800
3. Risk management: Position sizing is critical—risk only 1-2% per trade given the current volatility
4. Time frame: Focus on 4-hour and daily timeframes for cleaner signals

The fundamental backdrop remains supportive for euro strength, particularly amid Fed rate-cut expectations and relative ECB stability. However, remember that momentum can reverse quickly—always respect your stop losses.

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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.