EUR/USD Daily Analysis
EUR/USD is continuing to drop after hitting a high of 1.1184 last week. Currently, the pair is trading at 1.0936 with immediate support levels at 1.0900 and 1.08074. The intraday resistance levels are at 1.0958 and 1.0971.
On the intraday charts, a three white soldiers pattern is formed which is hitting at a possible drop towards the Dec 5 low of 1.0805. The pair are keeping below the SMA-14 which is at 1.1031 while the SMA-50 resistance line is at 1.115. The RSI is also below the neutral zone and favors the bears. Currently, based on the intraday price pattern and the pair is likely to drop further which makes it ideal for selling opportunities around 1.0970 with a target with an intraday target of 1.0915 and a stop-loss at 1.1010.
Bulls require an intraday closing above the 1.1090 level to get back into the game. On the downside, an intraday closing below 1.0900 will further strengthen the bears and the chances of a drop towards 1.0800 will be high in the coming days.
