EUR/USD is trading near 1.1800 and appears to be gaining more on the weak US dollar. The pair’s immediate support is at 1.1765 while other supports are at 1.1735 and 1.1710 levels. The intraday resistance is at 1.1800 another resistance is at 1.1835.

The pair is currently trading above the mid-Bollinger band while the upper band’s resistance area is at 1.1862. On the MACD a bullish crossover is present and supporting the bears. The RSI is at 53 and appears in line with the uptrend. The SMA-21 is showing a support area at 1.1763 and the SMA-50 is indicating resistance at 1.18040. The pair’s intraday price pattern is now slightly bearish and favors intraday buy entries. A decent buying entry would be at 1.1775 with a target of 50 to 60 pips. A tight stop-loss for this trade would be just below the 1.1740 support area.

An intraday closing above 1.1820 is likely to accelerate the recovery towards 1.1900/1.1950 in the coming days. On the downside, closing below a.1.1720 would once again set the pair on a further lower path.

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By LCMS Traders FX Analysis Team

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