EUR/USD is once again trading lower after briefly moving above the 1.1800 mark yesterday. Currently, the pair is trading at 1.1766 with immediate support levels at 1.2738 and 1.1719. The intraday resistance levels are at 1.1785 and 1.1824.

The pair’s intraday price pattern is bearish with SMA-14 indicating resistance at 1.1808 and SMA-50 showing resistance at 1.1998. The mid-Bollinger band is at 1.1828 while the upper and lower bands are at 1.1915 and 1.1740 respectively. The RSI is at 34 and the MACD is below the middle line and supportive of the bears. Considering the intraday price pattern and analyzing the nearby resistance zones the pair is ideal for selling entries using the following levels

Direction: Sell
Entry: 1.1790
Take Profit: 1.1735
Stop-Loss: 1.1832

An intraday closing below 1.1720 is needed for the bears to extend the downside towards 1.1600. On the upside, a weekly closing above 1.1830 would be ideal for the bulls to regain control.

close

Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...

Rate an article for points!

By LCMS Traders FX Analysis Team

You will get access to our "Getting Started Tutorials" where you will learn the trading methodology devised by the LCMS Traders Team who uses the same exact methodology to trade a Multi-Million Dollar account on a daily basis.

Leave a Reply

Your email address will not be published. Required fields are marked *