EUR/USD: euro is on the support
During yesterday’s trading session, the EUR/USD pair consolidated along the four-hour-Tenkan-sen. Due to the market’s settling after strong sales late last week, the short-term traders took their profit. However, the bears’ attitude is obviously getting more long-term as evidenced by the downward dynamic this morning. The main Forex currency pair has decreased its two-week lowest record to 1.1275.
The Ichimoku indicator points at the bearish tendency as well. Tenkan-Sen and Kijun-sen add to the dead cross effect while the Ichimoku cloud extends down. Next strong support testing today is likely to be near 1.1240 / 60; it may get back to Tenkan-sen afterwards.
Technical levels: support – 1.1240 / 60; resistance – 1.1300.
Trading recommendations: off-market.