EUR/USD analysis for April 19, 2021

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The chart on the four-hour time frame shows that the pullback reached up to 61.8% Fibonacci levels at 1.20366. We had it in the 61.8% -78.6% Fibonacci level zone if we look at the previous pullback. We can expect the same at this level now. Bounce down the water us to 50.0% Fibonacci level at 1.19720 where moving averages MA20 and EMA20 with momentum with the help of MA50 are waiting for us. A break above this level leads us to the previous high at 1.21000, close to the next resistance at 78.6% level. The MACD indicator is on the bullish side, again crossing over the signal line, although we need better confirmation if we want to climb higher on the chart.

EUR/USD

On the daily time frame, we see that after a brief consolidation around MA50, the EUR/USD pair made a break above with a target on the top line of this declining consolidation. Following the Fibonacci level, the EUR/USD pair bounced exactly at 23.6% level, which is a sign of a strong bulls trend, which we can expect in the coming period. Our next technical target is 1.21000 on the top channel line. The MACD indicator is in a bullish trend from the previous low to 1.16980 at a Fibonacci level of 38.2%, and based on it; we will continue to be in a bullish trend.

EUR/USD

We see that the EUR/USD pair is testing moving averages of MA20 and EMA20 at 1.20350 as part of this downward consolidation on the weekly chart. The break above them will give us a clearer picture of the potential continuation of bullish trends, with a new look at the previous high at 1.23550. If the Euro slows down and runs out of power, we will see a pull-down, probably first to the moving average of the MA50 and the lower trend line seeking support for a new potential bullish boost. According to the MACD indicator, we get out of the shorter bearish trend by switching to bullish, pushing the EUR/USD pair to higher levels on the chart.

EUR/USD

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