Forex FOREX PRO WEEKLY, April 08 - 12, 2024

Morning everybody,

Not many things to comment right now, everything goes just perfect, but EUR is overextended - stands at oversold near daily Fib support. Not the best area for new short positions. Weekly grabber finally has been completed, but we have other downside targets.

On 4H chart, despite Oversold we do not see any hints on possible upside reaction. Thus, decisions probably postpone on next week. The nearest downside target is around 1.0628, so EUR could try to reach it before pullback starts, but this is not 100%. Actually we do not care too much how it will start, we need it just to start and get good entry levels for next short position. On 1H chart we also see no patterns by far, so that it seems that the action of this week is coming to an end.