As indicated in yesterday’s analysis EUR/USD is further stabilizing above 1.1800. The euro continues to benefit from the weak US dollar which is further weighed over by today’s Upbeat Chinese data. Currently, the pair is trading 0.14% higher to 1.1883. The pair’s immediate support is at 1.1852 other supports are present at 1.1830 and 1.1815 levels. The intraday resistance is at 1.1880. The 1.1900 is likely to act as a stiff resistance level.

Currently, the pair is trading above the Mid Bollinger band while the upper Bollinger band favors a move until 1.1941. The RSI is at 59 and continues to move further deep in the bullish zone. The SMA-21 is indicating support at 1.1847 and the SMA-50 is showing support at 1.17266. The price pattern in the 4-hourly period is equally bullish and favors long entries. A decent intraday entry would be on a slight dip at 1.1850. The target would be between 50 to 60 pips. A tight stop-loss for this trade would be just below the 1.1815 support level.

Only an intraday closing above 1.1900 would ensure a further uptick in the pair. On the downside, intraday closing below 1.1800 would likely provide some control back to the bears.


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By LCMS Traders FX Analysis Team

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