Trader, analyst and instructor with a 6-year experience

EUR/USD: news from the battlefield

EUR/USD is trading in the negative territory on Monday, but remains above the $1.3100 support as of writing. Last week bulls once again tested the $1.3200 resistance, but failed to fix there. The pair is trading in the descending daily Ichimoku Cloud.

In our view, euro could continue a sideways trade in the $1.3000/32000 range in the next few days. Last week’s ECB rate cut and strong US labor market data speak in favor of a downside, but a clear break below the $1.3000 support is needed to confirm the bearish trend reversal.

Support: $1.3050, $1.3030, $1.3000, $1.2980, $1.2950
Resistance: $1.3160, $1.3200, $1.3230/40, $1.3300

Сhart. Daily EUR/USD

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