EURUSD rises as sentiment improves

01/04/2021

The USD corrected some of this week's gains, and the EURUSD pair was trading 0.2% higher on Thursday, last seen at around 1.1750.

It looks like the short-term downtrend is now over, and bears might be exiting from some of their short positions ahead of the long holiday weekend. 

The next strong resistance could be located at previous highs and lows near 1.1760, and if the euro rises above that level, it might be another bullish signal, targeting the 1.18 threshold.

Alternatively, the support is most likely at the broken downtrend line, currently near 1.1740, and if not held, the euro might decline toward the current swing lows at around 1.1710.

If US yields continue to rise, the EURUSD pair is expected to decline further. However, it looks like the move in yields is very overstretched at the moment. 
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