ByLCMS Traders FX Analysis Team
MAY 11, 2021
EUR/USD is currently trading 0.21% higher to 1.2165 after closing lower on Monday. The 1.2170 area is acting as a stiff resistance area while other resistance areas are present at 1.2200 and 1.2235. The intraday support levels are at 1.2145 and 1.2122.
On intraday charts, the current price is near the multi-day trend line resistance area. The SMA-14 is indicating support at 1.2082 while the SMA-50 support line is at 1.1949. The pair is also keeping above the mid-Bollinger band which is at 1.2059 while the upper and lower bands are at 1.2179 and 1.1939 respectively. The RSI is at 63 and the MACD is above the zero line. Considering the price pattern and nearby resistance zone, the pair will be good to buy if it closes above 1.2180 on the 4-hourly chart. The target would be 60 to 70 pips and an ideal stop-loss would be at 1.2135.
An intraday closing above 1.2200 would further accelerate the uptrend and the bulls would be in a better position to test the 122.70 resistance in the coming day. On the downside, an intraday closing below 1.2070 would be a new lifeline to the bears.
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