EUR/USD: sales ahead
Tatiana Norkina, FBS analyst
Over the past two days, the bulls have managed to restore the currency pair rate to the 1.2480 level. It is here that the resistance is formed by the Kijun-sen line in the four-hour timeframe. Corrective growth was expected, since the Chinkou line prompted a strong currency pair oversoldness due to the Friday's collapse.
Obviously, it makes sense to expect a downward rebound from 1.2480 in the near future as the cloud is still bearish.
At the same time, we will observe the pair around the 1.2440 level, as the formation of a golden cross by the Tenkan and Kijun lines is possible here. In this case, the bulls can get active, setting the goal at the lower cloud border.
Oscillators have supported the pair growth. MACD has crossed the zero mark and got into the positive area.
Technical levels: support – 1.2440; resistance – 1.2480, 1.2540.
1. Sell — 1.2480; SL — 1.2500; TP1 — 1.2440; TP2 — 1.2390.