EUR/USD: bears stand at gaze

Tatiana Norkina, an analyst at FBS

Today's trading of the currency pair began with an update of the last week lows. The opening of the trading occurred with a  gap down, which resulted in a new extremum that was fixed just below the 11th figure. However, bulls immediately played this fall, returning to the 1.1200 price.

It is obvious that selling the pair very risky at the moment as the market is quite oversold. This fact creates an additional threat to the fundamental downtrend.

Thus, all Ichimoku lines turned flat, despite of the activity of the dead cross and descending character clouds.

Oscillators also come out of the dive and show a high probability of the single currency strengthening in the short term.

Technical levels: support - 1.1175; resistance - 1.1225, 1.1280.

Trading recommendations:

1. Buy - 1.1175; SL - 1.1155; TP1 - 1.1225; TP2 - 1.1280.

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