Euro gets Friday bounce, ends the week near 1.0870 level

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Euro gets Friday bounce, ends the week near 1.0870 level

by Stephen Innes 18.04.2020

EUR/USD bounces on Friday and remains confined within range.
Immediate resistance can emerge near 1.0845 and 1.0920 levels.

EUR/USD daily chart

EUR/USD is trading below the main SMAs on the daily chart as the spot rebounds modestly before reaching the 1.0800 figure.

EUR/USD four-hour chart

The fiber is trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium term. However, the quote bounced near the 1.0800 figure and challenged the 1.0884 resistance. A daily close above the mentioned level can yield further strength towards the 1.0920 and 1.0970 resistance levels, according to the Technical Confluences Indicator. On the flip side, immediate support can be expected near the 1.0845 and 1.0820 levels

Resistance: 1.0884, 1.0920, 1.0970

Support: 1.0845, 1.0820, 1.0800

Additional key levels

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Stephen Innes

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. He is regularly called upon by leading TV, radio and print publications to offer my views on the financial markets. Stephen appears extensively on global news channels such as Bloomberg, BBC, Reuters, CNBC, Sky TV, Your Money, Channel News Asia, CNN, France 24 and ASTRO Awani. As well as published in prestigious publications, the New York Times, Wall Street Journal and The Economist, among others.

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Euro gets Friday bounce, ends the week near 1.0870 level

EUR/USD daily chart

EUR/USD four-hour chart

Additional key levels

Stephen Innes

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