Technical analysis of EURUSD dated 25.04.2016

EURUSD is under the influence of Manufacturing PMI in Germany, the German IFO expectations and discussion of vice-president of ECB Executive Board and Coeuré over Draghi’s comments last week. After hitting 1.13998 EURUSD has been falling down drastically creating lower highs and lower lows. Today it rose a little but it seems that this pair is not going to break the descendant line. The support rests at 1.12180 with resistance at 1.12580 which both lines are above the monthly pivot point at 1.12030. The MACD indicator is in negative territory signaling the price decline and the RSI confirms this sign while staying below the 50 level. The stochastic indicator is moving in lower ranges as well. The EMA of 10 is located below the EMA of 50 indicating the price fall within the last recent days. The support level breakthrough will smooth the way for 1.1150. Short positions are recommended at the moment.

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