EUR/USD: Forecast April 16, 2014
Jason Sen | Apr 16, 2014 07:11AM ET
EUR/USD hit our buying opportunity at 1.3790/85 & bottomed exactly here. Above 1.3815 is more positive for today with a recovery likely. We can then target yesterday's high at 1.3833 before resistance at 1.3850/60. A good chance of a high for the day here but don't rule out a break higher to fill the gap at 1.3880 for a selling opportunity. Exit longs & try shorts with stops above 1.3910.
Failure to beat 1.3815 could see a drift lower to a buying opportunity at 1.3790/85 once again. Try longs with stops below 1.3770 but be aware there is a good chance of a low for the day at 1.3760.
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