EUR/USD: approaching lows
Tatiana Norkina, FBS analyst
The currency pair continues declining gradually to the annual lows. Within the past days, we have witnessed a slide into the 1.1150 area, where a powerful support has been formed. The upper limit of the trading range has been the Tenkan-sen line that did not allow the pair to correct above the 12th figure, despite the high market oversoldness.
The four-hour chart remains bearish. Ichimoku cloud is expanding downwards, the dead cross is active. At the same time, oscillators are in divergence with the price chart. The sellers maintaining their positions at the current levels is obvious to allow further currency pair rate decrease.
Technical levels: support – 1.1150; resistance – 1.1180, 1.1200.
1. Sell — 1.1170/80; SL — 1.1210; TP1 — 1.1110; TP2 — 1.1050.