FBS: trading recommendation for EUR/USD
By Tatyana Norkina, FBS
The currency pair continued to fall yesterday forming new lows in the 1.2780 area. Thus, the market’s sentiment remains bearish.
Ichimoku indicator. Ichimoku indicator shows strengthening downtrend on both timeframes. On H4 all lines went down, and on H1 the break below the lower limit of the Ichimoku Cloud contributed to the formation of a new Dead Cross and the decline of Senkou Span A and B, which strengthened the negative Cloud. Therefore, in the near future only sales will be relevant.
However, as Chinkou Span is in the oversold area, EUR/USD may consolidate.
Technical levels: support - 1.2730, 1.2750; resistance -1.2790, 1.2820.
1. Sell - 1.2790; SL - 1.2810; TP1 - 1.2750; TP2 - 1.2730.