EUR/USD is currently trading at 1.1748 and despite some sell-offs in the USD the bulls are finding it difficult to hold above 1.1800. The pair’s immediate support is at .1715 while other supports are at 1.1680 and 1.1650. The intraday resistance is at 1.1775 and the 1.18000 is acting as a stiff resistance area.
The pair has bounced off from the Fibo 50% retracement level (1.1589) but the bulls haven’t been able to convert the move into a strong uptrend. The weekly and the intraday price patterns continue to remain bearish with SMA-21 showing resistance at 1.1773 and the SMA-50 indicating a resistance area at 1.1800. The RSI line is flat at 50 while the MACD continues to remain below the Zero line. The current price pattern suggests intraday sell entries. A decent sell entry would be near 1.1775 with a target of 50 to 60 pips. A tight stop-loss for this trade would be at 1.1825.
The pair may have entered into a consolidation phase and needs a breakout on either side to set a clear direction. An intraday close above 1.1820 would favor the bulls while an intraday closing below 1.1720 would provide more space to the bears.
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