EUR/USD is trading 0.27% higher to 1.1802 and appears to be gaining further strength. The pair’s immediate support is at 1.1777 while stronger supports are at 1.1740 and 1.1720. The intraday resistance is at 1.1824 another resistance is present at 1.1869.

Both the SMA-21 and SMA-50 are showing support areas at 1.1758 and 1.1800 respectively. The mid-Bollinger band is at1.1753 while the upper Bollinger band resistance is at 1.1885. The RSI is above 50 and in line with the upwards move. The weekly price pattern continues to remain bearish however, the 4-hourly and intraday price has now turned bullish and favors buying entries. A decent buy entry would be at or near 1.1780 with a small target of 50 to 60 pips.  A tight stop-loss for this trade would be just below the 1.1740 support level.

A weekly closing above 1.1820 would provide more control to the bulls. On the downside, bears need a price action below 1.1730 to get back some control.

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By LCMS Traders FX Analysis Team

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