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EURUSD Forex Outlook - April 2

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The EURUSD forex pair is down 0.27% during afternoon trading on April 2.

The daily chart (see image) shows the EURUSD making several attempts to move above 1.3850 in November and December, with a final push higher in March reaching 1.3967. Ultimately the price couldn't hold above the prior highs though, and has been in retreat since.

The bearish engulfing candle pattern--a candlestick pattern that shows a sharp shift in momentum--created on April 2 indicates continued downward pressure over the short-term.

The next area of support is the rising trendline at 1.3650. If the price reaches that area, there may be opportunities for long positions once again (swing trades), if the price forms some sort of basing pattern along the trendline.

If the trendline is pierced, especially in an aggressive fashion this upside run is likely over. At that point, rallies become selling/shorting opportunities.

Cory Mitchell, CMT