ByLCMS Traders FX Analysis Team
MAY 13, 2021
EUR/USD has been trading lower after bulls retreated from the 1.2170 area. Currently, the pair is trading at 1.2075 with immediate support levels at 1.2055 and 1.2032. The intraday resistance levels are at 1.2110 and 1.2148.
On the intraday charts, the pair has now moved below the SMA-14 which is at 1.2084. The SMA-50 is still indicating a support area at 1.1952. The RSI is at 54 and appears flat at the moment while the MACD has moved below the zero line. The intraday and 4-hourly price patterns are currently indicating a further downwards move which favors selling entries. A decent sell entry would be at or near 1.2100 with a target of 1.2045 and a stop-loss at 1.2125.
Bulls require an intraday closing above 1.2140 to get back into the game and once again challenge the 1.2180 resistance zone. Failing to achieve that is likely to strengthen the bears and the possibilities of a further drop would be higher.
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