empty
03.04.2024 01:41 PM
EUR/USD: trading scenarios on April 3, 2024

This image is no longer relevant

EUR/USD dropped into the zone of the medium-term bearish market after breaking through the zone of key support levels at 1.0840 (50 EMA on the daily chart), 1.0830 (144 EMA on the daily chart), and 1.0815 (200 EMA on the daily chart).

With the breakthrough of the important support levels at 1.0805 (50 EMA on the weekly chart) and 1.0775 (lower line of the upward channel on the weekly chart), the pair also "declared its intention" for further decline into the territory of the long-term bearish market, located below the key resistance levels at 1.0900 (144 EMA on the weekly chart), 1.0980 (200 EMA on the weekly chart).

This image is no longer relevant

At the same time, technical indicators RSI, OsMA, and Stochastic on the daily and weekly charts are on the sellers' side, also signaling the advantage of short positions.

Therefore, in the current situation, preference should be given to short positions on EUR/USD. However, a breakthrough of today's low at 1.0764 may become the very first signal for new positions.

This image is no longer relevant

The nearest downward targets are located at local support levels 1.0725 and 1.0700. Their breakthrough will open the way for EUR/USD to decline towards the lower boundary of the downward channel on the daily chart and levels 1.0550, 1.0500, and 1.0470.

In an alternative scenario, the first signal for the resumption of long positions may be a breakthrough of the important short-term resistance level at 1.0798 (200 EMA on the 1-hour chart). Furthermore, a breakthrough of the zone of key resistance levels at 1.0815, 1.0830, and 1.0840 will bring EUR/USD into the territory of the medium-term bullish market, making long positions preferable again with targets near key resistance levels at 1.0900, 1.0980, 1.1000.

Trading Scenarios

Main Scenario: Sell Stop 1.0755. Stop-Loss 1.0805. Targets 1.0725, 1.0700, 1.0660, 1.0600, 1.0550, 1.0500, 1.0470, 1.0400, 1.0300

Alternative Scenario: Buy Stop 1.0845. Stop-Loss 1.0790. Targets 1.0900, 1.0920, 1.0980, 1.1000, 1.1040, 1.1090, 1.1100, 1.1140, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500

"Targets" correspond to support/resistance levels. This also does not mean that they will necessarily be reached, but they can serve as a guideline for planning and placing trading positions.

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on April 25th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3310 level and planned to make trading decisions from there. Let's look at the 5-minute chart and see what happened. A rise

Miroslaw Bawulski 19:05 2025-04-25 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 25th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1391 level and planned to make entry decisions around it. Let's take a look at the 5-minute chart and assess what happened

Miroslaw Bawulski 19:00 2025-04-25 UTC+2

How to Trade the GBP/USD Pair on April 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair continued to trade upward on Thursday despite the absence of any objective reasons for such movement. There were

Paolo Greco 07:06 2025-04-25 UTC+2

How to Trade the EUR/USD Pair on April 25? Simple Tips and Trade Analysis for Beginners

On Thursday, the EUR/USD currency pair traded with a slight upward bias, although it would have been more logical to see a decline in the second half

Paolo Greco 07:06 2025-04-25 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 25: The Pound Isn't Backing Down

On Thursday, the GBP/USD currency pair continued to trade in the "euro style." The intraday movements were relatively weak, and the technical picture suggests the trend might shift downward

Paolo Greco 03:48 2025-04-25 UTC+2

Trading Recommendations and Analysis for EUR/USD April 25: The Market Awaits New Announcements from Trump

The EUR/USD currency pair traded much more calmly on Thursday than during the first half of the week, and the market was also relatively more technical. Since the beginning

Paolo Greco 03:48 2025-04-25 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 24th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3293 level and planned to use it as a reference for entering the market. Let's look at the 5-minute chart and analyze what

Miroslaw Bawulski 20:01 2025-04-24 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 24th (Review of the Morning Trades)

In my morning forecast, I focused on the 1.1358 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart to understand what

Miroslaw Bawulski 19:58 2025-04-24 UTC+2

How to Trade the GBP/USD Pair on April 24? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair closely followed the movements of the EUR/USD pair, further confirming that the current situation hinges

Paolo Greco 05:50 2025-04-24 UTC+2

How to Trade the EUR/USD Pair on April 24? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair traded in a mixed manner. During the day, the price changed direction several times, and macroeconomic

Paolo Greco 05:50 2025-04-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.