FBS: trade recommendation for EUR/USD
By Tatyana Norkina, FBS analyst
Break of support at $1.3380 has provoked a new wave of selling at the beginning of the week. Yesterday’s trading also showed the weakness of the bulls: the pair renewed this year’s low sliding to the area of $1.3310. Today’s trading began again in a negative way and the prices are approach 1.3300.
Ichimoku indicator. The situation has once again turned in favor of the sellers of the currency pair. Thus, prices came under the H4 Ichimoku Cloud that made the indicator lines go down: Tenkan and Kijun formed a Dead Cross, the bearish Cloud is growing. Obviously, the drop will continue. Immediate support is at $1.3280.
On H1 the downward trend has been also increasing: the Cloud extends down and there’s an active Dead Cross.
Technical levels: support - $1.3255, $1.3280; resistance - $1.3320, 1.3335.
1. Sell - $1.3320; SL - $1.3340; TP1 - $1.3280; TP2 - $1.3255.