Currency Analyst since 2010

FBS: trade recommendation for EUR/USD

By Tatiana Norkina, FBS analyst

The currency pair continues trading on the downside near the strong support in the $1.3400 area. If this level fails, the bears will aim for $1.3375 in the near future.

Ichimoku indicator.
Indeed, the Ichimoku indicator is bearish both on H4 and H1. The bearish sentiment on H1 strengthened after yesterday’s recoil down from the bottom of the Cloud, followed by the breakdown of support in the $1.3420/1.3430 area. Obviously, if the prices settle below $1.3420, the bears will gather strength and continue pressuring the pair to break below $1.3400. Therefore, the probability renewing yesterday lows today will be quite high.

Technical levels: support - 1.3375, 1.3400; resistance - 1.3420, 1.3430.

Trading recommendations:

1. Sell - 1.3420; SL - 1.3440; TP1 - 1.3400; TP2 - 1.3375.

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