EUR/USD: trade recommendation (July 9)
Tatiana Norkina, FBS analyst
The currency pair held above $1.3590 yesterday. This has significantly increased the chances for its recovery. However, the situation remains difficult for the bulls.
Ichimoku indicator. Indeed, if we consider H4, we see the presence of the Dead Cross formed by Tenkan and Kijun last week. In addition, the Ichimoku Cloud has a very narrow range, which in itself indicates uncertain position of the buyers. At the same time, recovery within the hourly cloud tells hints that the rally is a correction. Slightly higher in the $1.3630/1.3640 area the bulls will meet strong resistance, and this region may cap he pair. Therefore, sell when the oair gets there.
Technical levels: support - 1.3590, 1.3610; resistance - 1.3630, 1.3640.
1. Sell - 1.3630; SL - 1.3650; TP1 - 1.3590; TP1 - 1.3540.
2. Buy - 1.3540; SL - 1.350; TP1 - 1.3600.