EUR/USD Daily Analysis
EUR/USD ended the last week on the lower side and is currently trading at 1.0817 on the first day of the new week. The intraday price pattern remains bearish with immediate support levels at 10800 and 1.0763. The near-term resistance areas are at 1.10833 and 1.1071.
On the intraday charts, the technical indicators are presenting a bearish picture. The SMA-14 is indicating resistance at 1.0915 while the SMA-50 resistance line is at 1.1077. The RSI is below the neutral zone and appears to be entering further into the oversold zone. The mid-band is at 1.0945 with the upper and lower bands at 1.1146 and 1.0745 respectively. Following the intraday price patterns, the pair is like to move below the 1.0800 level which makes it ideal for buying sell entries near 1.0830 with a target of 50 to 60 pips and a stop-loss at 1.0875.
Bulls require a sustained price action above the 1.0870 resistance area and failing to achieve that will further strengthen the bulls and the chances of a drop towards 1.0700 will be higher during this week.