EUR/USD Analysis Today 21/04: Bullish Stability (Chart)

(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

• Overall Trend: Bullish.
• Today's EUR/USD Support Levels: 1.1338 – 1.1290 – 1.1200 respectively.
• Today's EUR/USD Resistance Levels: 1.1420 – 1.1500 – 1.1590 respectively.

EUR/USD Trading Signals:

• Sell EUR/USD from the resistance level of 1.1455, with a target of 1.1290 and a stop loss of 1.1540.
• Buy EUR/USD from the support level of 1.1260, with a target of 1.1450 and a stop loss of 1.1170.

EUR/USD Technical Analysis Today:

Recent EUR/USD trading has been characterized by a strengthening bullish trend, as clearly visible on the daily timeframe chart. Recent Euro gains reached the 1.1474 resistance level, the highest for the currency pair since January 2022, and weekly trading closed stable around the 1.1389 resistance level. At the beginning of this week's trading, the movement for the EUR/USD price may be almost non-existent due to holidays, and the currency pair is not awaiting any significant influential economic data today from either the United States or the Eurozone the EUR/USD price rise in the coming days?

Following the European Central Bank's (ECB) widely anticipated rate cut last week, the EUR/USD price retreated relatively before recovering quickly, as currency investors focused more on the reaction to the fate of US tariffs against global economies. The ECB cut interest rates by 25 basis points at its last monetary policy meeting, in line with consensus expectations, lowering the deposit facility rate to 2.25%. The ECB expressed greater reservations about the growth outlook; the Eurozone economy has gained some resilience in the face of global shocks, but growth prospects have deteriorated due to escalating trade tensions.

Therefore, further gains for the euro in the coming days will depend on the fate of the US trade wars and the extent of their impact on the future recovery of the eurozone economy. We caution against initiating selloffs of the Eurodollar if the currency pair fails to find catalysts in the coming trading sessions. According to the economic calendar, the focus will be on the manufacturing purchasing managers' index readings in both the eurozone and the United States.

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The EUR/USD trend will remain bullish as long as there is a de-escalation of global trade wars. Risk aversion will not be in its favor Indicators Breaking EUR/USD Overbought Territory:

Looking at the trading performance of EUR/USD across licensed trading platforms on the daily chart, it is clear that technical indicators have moved to break strong overbought barriers, and it may be natural to initiate profit-taking selling operations. The 14-day Relative Strength Index (RSI), MACD, and Stochastic, and even the moving averages, indicate the strength of the overall bullish trend for EUR/USD. In general, the EUR/USD pair remains oscillating between a near-term support level in the mid-1.12 range and a resistance level in the mid-1.14 range. If EUR/USD breaks the support range upwards, we see limited resistance before the 1.16 resistance level.

EURUSD Chart by TradingViewCurrency Signals and Forecasts:

Bullish EUR/USD Scenario: Will depend on the continuation of negotiations between the European Union and the US administration regarding tariffs and further investor risk appetite. Be cautious about initiating EUR/USD selling operations at any time. The bullish trend will strengthen with Euro bulls moving towards the resistance levels of 1.1485 and 1.1560, which will simultaneously push technical indicators into more extreme overbought zones.

Bearish EUR/USD Scenario: If profit-taking selling operations begin for EUR/USD after recent strong consecutive gains, breaking the support levels of 1.1200 and 1.1110 is important for the bears to start taking control, and the stronger bearish shift will require breaking the psychological level of 1.1000 afterwards. We see this as the more likely scenario for EUR/USD trading in the coming days.

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