EUR/USD Daily Analysis
As indicated in yesterday’s analysis, the EUR/USD is continuing on the downwards path. The pair is currently trading at 1.0751 during the Asian session. The immediate support levels are at 1.0761 and 1.0739. The intraday resistance levels are at 1.0812 and 1.0837.
On the intraday charts, the price pattern is strongly bearish while the technical indicators are also presenting a downwards picture. The RSI is at 34 and likely to enter a further oversold zone. The pair is keeping below the moving averages. The SMA-14 is indicating resistance at 1.0855 and the SMA-50 resistance line is at 1.1064. The fact that the pair has dropped below the key support level of 1.0800 further pinpoints the bearish bias. Currently, the pair is ideal for selling entries near 1.0800 with an intraday target of 60 to 70 pips. An ideal stop-loss for this trade will be at or near 1.0835.
Bulls require an intraday closing above the 1.0800 mark. Failing to achieve that is likely to further strengthen the bears and the possibility of a drop towards 1.0700 during this week would be high.
