EUR/USD bulls are having stiff resistance to breach above the 1.2200 mark and the consolidation phase appears to be extending. The intraday resistance levels are at 1.2178 and 1.2200. The near-term support levels are at 1.2158 and 1.2137.

EUR/USD Daily Technical Levels

On the intraday charts, a couple of Doji’s are present that are indicating an indecision period. The pair is currently below the SMA-14 which is at 1.2189. The SMA-50 is showing support at 1.2090. The pair is also below the mid-Bollinger band (1.2190). The upper and lower bands are at 1.2248 and 1.2133 respectively. The RSI is 51 and appears flat. Following the narrow trading range and taking the intraday resistance levels into account the pair is good to sell at the following levels.

Direction: Sell
Entry: 1.2185
Take Profit range: 1.2140 – 1.2120
Stop-Loss: 1.2205

A weekly closing above 1.2200 would be an indication of a further rising during the next week. On the downside, a weekly closing below 1.2130 would help bears extend the downside and challenge the next major support level at 1.2060.

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Your email address will not be published.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 *