EUR/USD has managed to bounce off from the Fibo support levels and is currently trading 0.46% higher to 1.1768. The pair’s intraday outlook is bullish with an immediate support level at 1.1740. Other support levels are at 1.1720 and 1.17000 levels. The near term resistance is at 1.1785 another resistance is at 1.1825 area.

The SMA-21 is currently indicating a support area at 1.1763 while the SMA-50 is showing a resistance area at 1.18000. The mid-Bollinger band is at 1.1734 and the upper-Bollinger band’s resistance is at 1.1860. The RSI is still near the neutral zone but appears to be moving up. Currently, EUR/USD is good to buy on dips. A decent intraday buying level would be at 1.1740 with a target of 50 t0 60 pips. A tight stop-loss for this trade would be just below the 1.17000 support area.

Bulls need an intraday closing above 1.18000 to further consolidate. On the downside, a price action below 1.1700 would be more supportive of the bears.


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By LCMS Traders FX Analysis Team

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