Euro recovering after Friday
Tatiana Norkina, FBS analyst
EUR/USD is showing a positive trend after the Friday's collapse this morning. This growth is obvious to be only connected with profit taking by the short-term traders and the pair's local oversoldness. Indeed, while the Chinkou Span line is in the corresponding zone, we can witness a recovery up until the prices entry into the Tenkan-Kijun channel, in the 1.0800 area. Then the major downtrend is likely to continue. The bears are supported by both the dead cross and the descending Ichimoku cloud.
Technical levels: support – 1.0700; resistance – 1.0800.
1. Sell — 1.0800; SL — 1.0820; TP1 — 1.0740; TP2 — 1.0700.