ByLCMS Traders FX Analysis Team
JUL 5, 2021
EUR/USD held the ground near 1.1800 on Friday and closed higher at 1.1857. Currently, the pair is trading at 1.18665 with immediate resistance levels at 1.1877 and 1.1900. The intraday support levels are at 1.18124 and 1.1800.
Friday’s closing has formed a Doji pattern at the bottom that might help bulls build a further bullish momentum on a short-term basis. However, the technical indicators remain bearish as the pair keeps below the moving averages. The SMA-14 is at 1.19029 and the SMA-50 resistance area is at 1.2077. The RSI is at 34 and has an upwards curve. Following the intraday and 4-hourly price patterns, the pair is likely to gain further which makes it ideal for buying at the following levels
Direction: Buy
Entry: 1.1830
Take Profit: 1.1875
Stop-Loss: 1.1795
Bulls require an intraday closing above 1.1900 to gain further strength and challenge the 1.2000 mark. On the downside, an intraday closing below 1.1800 would be ideal for the bears to take the price further lower in the coming days.
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