EUR/USD is down 0.2%, 4/6

EU leaders are unlikely to agree an effective coronavirus rescue package that would lead to a recovery of the euro, Evercore ISI says. "Insufficient support means Italy and other weaker member states will not be able to scale up their fiscal policy response aggressively enough to contain supply side damage that threatens long term debt sustainability and political support for the euro/EU," Evercore analysts say. EU finance ministers will on Tuesday attempt to break the deadlock over how to support weaker member states facing an economic hit from coronavirus. EUR/USD is down 0.2% at 1.0795. The Forexmentor Live! interactive training in trading Forex includes unlimited access to the live trading classroom, detailed tutorial videos used in trading client accounts, a step-by-step guide to the LPT Method, technical analysis, detailed presentations throughout the day, live Trade Alerts, access to Professional Fund Managers, access to live news feeds in real time and so much more.

Forex pairs for this week 4/6

USD/JPY 1st support - 107.00 (major) 1st resistance - 110.20 (major) 2nd support - 104.70 (major) 2nd resistance - 112.25 (major)
USD/JPY (last 108.45): The pair, as shown on a daily chart, has managed to trade at levels above the key support at 107.00. Currently it is above the ascending 20-day moving average, which has just crossed above the 50-day one. The short-term outlook remains bullish and the pair should now target 110.20 and 112.25 on the upside. Alternatively, a clear break below 107.00 would open a path toward 104.70 on the downside.

 
EUR/USD 
1st support - 1.0630 (major) 
1st resistance - 1.1030 (major) 
2nd support - 1.0490 (minor) 
2nd resistance - 1.1145 (moderate) 
 

EUR/USD (last 1.0815): The pair retreated from 1.1145 and broke below both 20-day and 50-day moving average. Besides, the death cross between 20-day and 50-day moving averages has been identified. Hence, as long as 1.1030 acts as key resistance level, the pair should return to 1.0630 before dropping to 1.0490 in extension. Alternatively, a break above 1.1030 would prolong the choppy trading and bring a rebound with 1.1145 and 1.1230 as targets.

 
AUD/USD 
1st support - 0.5870 (minor) 
1st resistance - 0.6300 (major) 
2nd support - 0.5665 (minor ) 
2nd resistance - 0.6490 (moderate) 
 

AUD/USD (last 0.6003): The pair is retreating after failing to challenge the key resistance level at 0.6300. Currently, the prices are testing the 20-day moving average. The relative strength index has struck against its neutrality level at 50 and is turning downward. Hence, below 0.6300, look for a further downside with targets at 0.5870 and 0.5665 in extension. Alternatively, a break above 0.6300 would bring a rebound with 0.6490 and 0.6685 as targets.

 
NZD/USD 
1st support - 0.5700 (minor) 
1st resistance - 0.6065 (major) 
2nd support - 0.5585 (major) 
2nd resistance - 0.6200 (moderate) 
 

NZD/USD (last 0.5853): The pair retreated from 0.6065 and broke below the 20-day moving average. The relative strength index stays below its neutrality level at 50, showing the lack of upward momentum for the prices. To conclude, as long as 0.6065 is not surpassed, look for a drop with targets at 0.5700 and 0.5585 in extension. Alternatively, a break above 0.6065 would bring a rebound with 0.6200 and 0.6350 as targets.

 
GBP/USD 
1st support - 1.1950 (major) 
1st resistance - 1.2745 (major) 
2nd support - 1.1645 (moderate) 
2nd resistance - 1.3095 (major) 
 

GBP/USD (last 1.2234): The pair maintains a bearish bias below the key resistance at 1.2745. Despite a recent rebound, it has retreated after reaching the 61.8% Fibonacci retracement resistance of the decline started from March, and remains trading at levels below the declining 50-day moving average. Unless the key resistance at 1.2745 is surpassed, the pair should return to 1.1950 and 1.1645 on the downside. Alternatively, above 1.2745, expect a revisit to 1.3095 on the upside.

 
USD/CHF 
1st support - 0.9610 (major) 
1st resistance - 0.9900 (major) 
2nd support - 0.9500 (major) 
2nd resistance - 1.0000 (major) 
 

USD/CHF (last 0.9766): The pair remains on the upside as it has formed a high-low. Currently, the 20-day moving average has crossed above the 50-day one, while the relative strength index stays above the neutrality level of 50, suggesting a bullish bias. As long as the key support at 0.9610 holds, the pair should advance to 0.9900 and 1.0000. Alternatively, below 0.9610, expect a return to 0.9500 on the downside.

forex chart USD/JPY 4/2

	The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : USDJPY

Direction : Identified time : 2020-04-02 15:36 BST Breakout price : 107.508 Forecast price : 107.969 Forecast pips : 46 Probability : 64.97 %

Pattern : Triangle Interval : 30 Min Pattern : Triangle Interval : 30 Min

USD/JPY Intraday 3/31

USD/JPY Intraday: Toward 106.60 downside. The pair keeps trading on the downside after peaking at 108.72 overnight. Being capped by the descending 20-period moving average, the pair is striking against the lower Bollinger band calling for acceleration to the downside. Unless the key resistance at 108.10 is surpassed, the pair should proceed toward 107.10 and 106.60 on the downside. On the other hand, the alternative upside target above 108.10 is located at 108.70.

Forex chart GBP/JPY 3/31

The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : GBPJPY

Direction : Identified time : 2020-03-31 16:12 BST Breakout price : 133.89 Forecast price : 133.63515 Forecast pips : 25 Probability : 67.61 %

Pattern : Channel Up Interval : 15 Min Pattern : Support Interval : 30 Min