EUR/USD: reaching new levels
Tatiana Norkina, FBS analyst
On Friday, the pair tumbled to new lows of 1.0840. As a result, all Ichimoku lines turned downwards, indicating the bearish trend increase. The cloud's negative mood and the relevance of the dead cross formed by the Tenkan and Kijun lines remained.
Downward trend is confirmed by the oscillators as well.
At the same time, it should be noted that the Chinkou Span line is located in the zone of oversoldness. That is why, today we can witness the pair's corrective recovery to the Tenkan-sen line, to the 1.0900 figure, after testing of the strong support level around 1.0800. Then, the main trend is likely to resume.
Technical levels: support – 1.0800; resistance – 1.0850, 1.0900.
1. Sell — 1.0900; SL — 1.0920; TP1 — 1.0850; TP2 — 1.0800.
2. Buy — 1.0800; SL — 1.0770; TP1 — 1.0850; TP2 — 1.0900.