FX.co ★ EUR/USD analysis for April 12, 2022 - Watch for potential downside continuation

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0860. EUR is still in the short-term downside cycle and I expect further bearish movement.

Trading recommendation:

Watch for potential breakout of contraction to confirm further direction.

If the price breaks the level of 1.0853, I see potential for the downside movement towards 1.0815

Stochastic is showing fresh bear cross and overbought condition, which is sign that downside rotation is possible.

Resistance is set at 1.0875