Eurobears going on war-path
Tatiana Norkina, FBS analyst
EUR/USD began the new five-day trading session with a sharp slide, losing around 40 pips. During the Asian session this morning, the pair has updated the local minimums to the 6th figure. The Tenkan and Kijun lines have immediately formed a dead cross on the four-hour timeframe, supporting the bears' attack. The bearish character of the Ichimoku cloud has intensified as well. Under such circumstances, we are obvious to witness further decline of the rate, up to 1.0500. Let us remind you that this level contains the support that restrained sales in March and April earlier this year.
Technical levels: support – 1.0600, 1.0560; resistance – 1.0650.
1. Sell — 1.0630; SL — 1.0650; TP1 — 1.0560; TP2 — 1.0500.