EUR/USD: downtrend in force
Tatiana Norkina, FBS analyst
Yesterday the bulls managed to win back a half-week fall and restore the currency pair to the 14th figure. EUR/USD oversold has contributed to correctional growth of the pair, which is confirmed bythe four-line Chinkou Span Ichimoku indicator, as well as by turned up oscillators.
However, further promotion of the bulls is questioned - the line Kijun-sen formed a strong resistance at 1.1350-1.1380. Precisely from these levels we can see the resumption of the downtrend. Note that the cloud still has a bearish tone.
If this resistance is passed, then we will expect the growth to the lower boundary of the cloud.
Technical levels: support - 1.1260; resistance - 1.1370, 1.1400.
1. Sell - 1.1370; SL - 1.1400; TP1 - 1.1260; TP2 - 1.1190.