EUR/USD: picture turned bearish
Tatyana Norkina, FBS
Bulls capitulated on Friday: unsuccessful test of the H4 cloud upper border has supported the sellers. As a result, trading moved to the negative territory and lowered the currency exchange rate towards the recent lows - 1.2360. On Monday the price attempted to recover, but the medium-term picture is now bearish. Tenkan-sen and Kijun-sen are forming a dead-cross. Negative Cloud is now once again widening into the negative zone.
Oscilators are also pointing to further dowside.
We'll keep on looking for selling opportunities. Retest of the Tenkan-sen would become a good moment to go short.
Technical levels: support – 1.2370/80; resistance – 1.2430, 1.2465.
1. Sell — 1.2440; SL — 1.2460; TP1 — 1.2360; TP2 — 1.2260.