EURUSD intraday technical analysis - 20/04/2018

EURUSD

1.23396 / 1.234

SUMMARY

Down

TREND

Downward penetration

SENTIMENT

Bearish

VOLATILITY

Medium

MARKET ANALYSIS

Upwards scenario: While price is quoted below the 20 SMA our technical outlook would be negative. Though, appreciation above the resistance at 1.2362 (R1) might enable upwards penetration towards to next targets at 1.2388 (R2) and 1.2413 (R3).
Downwards scenario: Yesterday session low provides an important support level at 1.2329 (S1). A surge lower is liable to initiate bearish pressure and expose our next target at 1.2304 (S2). Final support for today locates at 1.2278 (S3).

Resistance levels: 1.2362, 1.2388, 1.2413

Support levels: 1.2329, 1.2304, 1.2278