EUR/USD: bears keep pressuring
Tatiana Norkina, FBS analyst
At the end of the previous week, the currency pair had two alternatives: break through 1.1400 or surrender to the bears and once again go below the four-hour cloud. Resistance within the figure formed by the Ichimoku cloud upper border did not allow the bullish scenario to unfold. Short-term consolidation under Senkou Span A ended in a large number of the currency pair sales and the rate's depreciation under the 12th figure.
Today the market is clearly oversold to a great extent: Chinkou Span is in the corresponding zone. However, all indicators are strongly bearish. We are obvious to witness further rate decline after the prices testing of the Tenkan and Kijun levels.
Technical levels: support – 1.1100; resistance – 1.1260.
1. Sell — 1.1260; SL — 1.1290; TP1 — 1.1110; TP2 — 1.1050.