EURUSD is struggling to cross above the 1.1800 level and is currently trading 0.22% lower to 1.1786. The current price action is taking place near the trend line support area and a break below this level is likely to send the pair further lower. The upside also seems limited at the moment with a trend line resistance near 1.1888. The intraday support is at 1.1755 another support area is near 1.1720.

The SMA-14 is indicating support at 1.1740 while the SMA-50 is showing resistance at 1.1801.  The Mid Bollinger band is at 1.17490 while the upper and lower bands are at 1.1864 and 1.16297 respectively. The RSI is near the neutral zone and is a downwards curve. On the 4-hourly chart, the price pattern is strongly bearish and favors intraday sell entries. A decent selling level would be at or near 1.1800 with a target of 50 to 60 pips. A tight stop-loss for this trade would be just above the 1.1840 resistance area.

An intraday closing below 1.1740 is likely to send the pair further lower towards testing the 1.1700 and 1.1670 support areas. On the upside, only an intraday closing above 1.1840 would strengthen the bulls.

close

Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
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Your email address will not be published.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 *