FBS: trade recommendation for EUR/USD
Tatyana Norkina, FBS analyst
Bulls are trying to reverse the descending trend after a fix above 1.2900. Lokal resistance in the 1.2945-1.2960 doesn't allow them to act in a full capacity for now.
Ichimoku. As can be seen from the hourly chart, prices moved into a positive area. It happened on Friday, at the end of the trading week. This move can clearly trigger a break higher in the near term as the Ichimoku Cloud and Tenkan and Kijun lines have also switched into the positive area. There is a newly formed golden cross. Further market development will depend on the 1.2945-1.2960 area.
Technical levels: support – 1.2920, 1.2945; resistance –1.2960, 1.2980, 1.3000, 1.3030.
1. Sell — 1.2940; SL — 1.2960; TP1 — 1.2890; TP2 — 1.2830.
2. Buy — 1.2965; SL — 1.2945; TP1 — 1.3000; TP2 — 1.3030.