Eurusd

In recent sessions, EUR/USD has drifted down towards long-term support. Given we’ve not seen a weekly close beneath 1.1200 in 21-months and the daily timeframe is looking stretched, a bounce from current levels is not out of the question.

After falling for six of the past seven days, it wasn’t surprising to see EUR/USD rally off its 1.1215 support level in today’s Asian session trade. Unfortunately for EUR/USD bulls, that move has turned out to be a brutal April Fool’s Day prank.

With US yields falling, we think there is a good chance the EUR/USD could bounce from around this area.