FBS: trade recommendation for EUR/USD
by Tatiana Norkina, FBS analyst
The European currency continues becoming cheaper relative to the US dollar. Over the past week the bears were able to reduce the currency pair to 1.3420, but the target level of 1.3400 is still relevant.
Ichimoku indicator. Both timeframes have bearish Ichimoku Clouds. The Dead Crosses and the bearish Clouds will obviously make a depressing impact on market’s sentiment. Therefore, the probability of reaching 1.3400 can increase dramatically after a brief consolidation above support at 1.3420. A small correction to 1.3440/1.3450 is also possible. Note that in this area resistance is quite strong, so bears can be use it to resume the downtrend.
Technical levels: support - 1.3400, 1.3420; resistance - 1.3450.
1. Sell - 1.3440; SL - 1.3560; TP1 - 1.3400.