Euro losing ground
Tataiana Norkina, FBS analyst
The major currency pair on Forex continued its decline yesterday. The European currency began sharply giving ground since the very morning, after the Tenkan and Kijun lines had formed a dead cross on the four-hour timeframe. We should also note the cloud's lines reversal - Senkou Span A and B that are still supporting the bearish character of the Ichimoku cloud.
Today's trading opened with local lows update as well. The pair tested the 11th figure. A powerful support has been formed here, and the rate can bounce up off it, to the 1.1160 area. Let us also mind the pair's oversoldness.
Technical levels: support – 1.1100; resistance – 1.1160.
1. Sell — 1.1160; SL — 1.1180; TP1 — 1.1100; TP2 — 1.1030.