EUR/USD: bears are pressing hard (June 11)
Tatyana Norkina, FBS analyst
In the recent days the European currency declined again showing weakness versus the US dollar. Support at $1.3590 yesterday breakdown showed the futility of the bulls start the recovery process. During the day, the pair lost about 60 pips, falling to $1.3530.
Ichimoku indicator. On H1 support at $1.3590 has been formed by the lower boundary of Ichimoku Cloud. Around here there was an important level at H4. The fact that this support is breached down means complete surrender of the bulls which have probably lost hope of restoring the pair. Bearish sentiment in the market will likely strengthen and the pair will renew last week’s low at $1.3510.
Technical levels: support - $1.3450, $1.3510, $1.3525; resistance - $1.3565, $1.3590.
1. Sell - $1.3565; SL - $1.3595; TP1 - $1.3510; TP2 - $1.3450.
2. Sell - $1.3590; SL - $1.3610; TP1 - $1.3510; TP2 - $1.3450.