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.
Take Profit range: 1.2140 – 1.2120
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.
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