FBS: trade recommendation for EUR/USD
Tatiana Norkina, FBS analyst
The currency pair has once again tested support at $1.3335 under pressure of the bears. But the level has once again managed to stand, which led to a change in the short-term trend on H1.
Ichimoku indicator. But are the bulls strong enough to enforce this movement? Firstly, the H4 chart shows superiority of the bears over the bulls. Following yesterday’s depreciation Tenkan and Kijun formed a new Dead Cross right under the Cloud. It can be a signal to continue selling the currency pair. Secondly, on H1 the Cloud also has a fairly wide bearish range. The line Kijun-sen went down after the formation of a Golden Cross, and this doesn’t match the logic of purchases a bit.
It’s possible that today the bulls will try to move up, but they will meet strong resistance at $1.3380/$1.3390.
Technical levels: support - $1.3335, $1.3355; resistance - $1.3380, $1.3390, $1.3400.
1. Sell - $1.3380; SL - $1.3400; TP1 - $1.3335; TP2 - $1.3280.