Euro - trend change?
Tatiana Norkina, FBS analyst
EURUSD began the new trading week with a recovery. The rate of the major currency pair on Forex has risen to the 1.1250 resistance area during the Asian session; trading had begun in the 1.1170 area. The pair's oversoldness is obvious to have an impact - the market has fallen remarkably during the previous week. However, there is another powerful resistance slightly above, at the 1.1280 mark, that might as well not let the bulls further upwards.
The overall situation is assessed as negative enough for the pair's buying. Indeed, we are having a strong dead cross combined with a narrowing down cloud. Therefore, it would make sense to expect a rebound from the four-hour cloud lower border today.
Technical levels: support – 1.1170, 1.1100; resistance – 1.1250, 1.1280.
1. Sell — 1.1280; SL — 1.1300; TP1 — 1.1170; TP2 — 1.1100.