EUR/USD: bears pulled to new lows
Tatiana Norkina, an analyst at FBS
Trading results of the last week have been quite disappointing for the bulls - the currency pair was unable to stay in the positive area. After an another bears’ attack prices have fallen under a cloud, breaking the four-hour support just above the 24th shape and reshape the technical picture.
Thus, Ichimoku cloud has changed in the nature of a bear, Tenkan and Kijun lines formed a powerful dead cross, the MACD histogram went under the zero mark, and RSI is on the bottom of the range.
At the same time, Chinkou Span is located in a strong oversold zone, which may indicate a possible corrective recovery couples to Tenkan or Kijun lines. But then we are likely to see a resumption of the downtrend.
Technical levels: support - 1.2185, 1.2000; resistance - 1.2270, 1.2310.
1. Sell - 1.2310; SL - 1.2330; TP1 - 1.2250; TP2 - 1.2185.