ByLCMS Traders FX Analysis Team
JUN 7, 2021
EUR/USD has a bearish pattern near the peak despite a moderate recovery on Friday. Currently, the pair is trading at 1.2161 with immediate support levels at 1.2145 and 1.2128. The intraday resistance levels are at 1.2177 and 1.2200.
The intraday chart is bearish but the downside appears limited. The SMA-14 is indicating resistance at 1.2193 and the SMA-50 is indicating the support line at 1.2055. The pair is also below the mid-Bollinger band (1.2176) while the upper and lower bands are at 1.2268 and 1.2083 respectively. The RSI is at 51 and appears flat at the moment. Following the intraday price patterns, the pair is currently ideal to sell on small rallies. A decent selling entry would be at the following levels.
Direction: Sell
Entry: 1.2185
Take Profit: 1.2135
Stop-Loss: 1.2210
Bulls need a price action above the SMA-14 (1.2193) to fully regain control. Failing to achieve that would strengthen bears and bring them in a better position to challenge the 1.2100 support level.
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