ByLCMS Traders FX Analysis Team
AUG 16, 2021
EUR/USD Daily Forecast
EUR/USD gained nearly 50 pips on Friday to the end of the week on the higher side at 1.1783. Currently, the pair is trading almost unchanged at 1.1786 with immediate support levels at 1.1752 and 1.1736. The intraday resistance levels are at 1.1900 and 1.1933.
On the intraday charts, the pair is still keeping below the SMA-14 (1.1805) despite the last week’s positive ending. The SMA-50 resistance line is way high at 1.1874. The pair is also keeping below the mid-Bollinger band which is at 1.1800 while the upper and lower bands are at 1.1900 and 1.1699. Currently, the 1.1800 level which is also the SMA-14 resistance area is likely to act as a stiff resistance area. Therefore only a breakout trade is ideal using the following levels under the condition that the pair closes above 1.1800 on the 4-hourly chart.
Direction: Buy
Entry: 1.1805
Take Profit: 1.1830 – 1.1855
Stop-Loss: 1.1765
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