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EUR/USD Technical Analysis April 27


EUR/USD: The euro held at an eight-week high against the dollar on Monday despite a disillusioning opinion overview in Germany as assumptions that U.S. Central bank will keep up its hesitant position at next policy  meeting burdened the greenback. German business confidence improved less than expected in April as a third wave of COVID-19 cases and issues with supply of parts in the industrial sectors appeared to slow economic recovery in Europe's biggest economy.

Technical Analysis

The pair continues to trade above the 50-day moving average with positivity on momentum indicators. The pair could not rise above 1.21163, but the pair maintains its bullish chances steadily above 23.6% Fibonacci 1.20189, so we do not prefer buying from the current levels and waiting for some corrective reversal towards 1.20189 before buying

Below 23.6% Fibonacci cancels the bullish scenario temporarily and pushes the pair towards 38.2% Fibonacci 1.19586

The trading range today is 50 pips

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