FX.co ★ Trading plan for EURUSD for April 12, 2022

Technical outlook:

EURUSD has bounced back since dropping through 1.0836 mark last Friday. The single currency pair is seen to be trading close to 1.0880 level at the time of writing and is expected to resume higher anytime soon. Bulls are looking poised to regain control from here and hold prices above 1.0800 interim support.

EURO bulls are targeting initial resistance on the daily chart seen around 1.1500 and a push abve 1.1200 would confirm the same. The currency pair has been working on its lower degree upswing boundary between 1.0800 and 1.1185 levels, and seems to have carved a higher low around 1.0836 mark last week.

If the above structure holds well, EURUSD will be seen pushing higher through 1.1500 resistance in the next few trading sessions. Furthermore, it will also break its 14 month old resistance trend line, confirming further upside and potential trend reversal. Watch out for a push through short term resistance around 1.0940 mark, for acceleration.

Trading plan:

Potential rally through 1.1500 against 1.0700

Good luck!