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The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and EURGBP Analysis – April 23, 2018

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The EURUSD pair has fallen lower after losing trend line and moving average support. The price dropped to a low on Friday of 1.22490. Below this level, there is support at 1.22400 and the 1.22000 area. A loss of those levels would target 1.21640 and 1.21111 in extension. There is major trend line support at 1.20250.

The resistance levels above the current price level are found at 1.23000 initially, with the red trend line positioned at 1.23100. The 1.23223 level marks out the start of an area of resistance, about 20 pips in range, containing the 50, 100 and 200-period moving averages. Above this, the blue ascending trend line is found at 1.23750, with recent price action highs topping out around 1.23950. The high from last week comes in at 1.24133 with the descending blue trend line at 1.24200.

EURUSD 4-Hour Chart

EURUSD 4-Hour Chart

EURGBP

This pair has moved higher since the middle of last week due to declining UK economic data. Resistance has been tested at 0.87917 and price has moved down to support at 0.87574. A break out higher could target resistance at 0.88000, followed by 0.88084 and 0.88364. Resistance above this comes from important levels at 0.88436, 0.88595 and 0.88743.

Support is visible at the 200-period MA at 0.87500, followed by the 100-period MA at 0.87200, the 0.87162 level and the 50-period MA at 0.87121. The 0.86900 level has formed a notable area of support which price broke above and retested late last week. The 0.86671 level was used as resistance last week when price dipped and a break above that level forced price to surge higher. The low of last week at 0.86200 is critical support, with a drop under this level targeting 0.85000 in extension.

EURGBP 4-Hour Chart

EURGBP 4-Hour Chart