EUR/USD dropped almost 90 pips to end the last week lower at 1.1274. The pair is currently trading almost unchanged on the first day of the new week with immediate support levels at 1.1261 and 1.1248. The intraday resistance levels are at 1.1318 and 1.1342.
On the intraday charts, the price pattern is getting further bearish with the RSI still keeping in the oversold zone. The MACD is also below the middle line and indicates a further bearish trajectory. The SMA-14 resistance line is at 1.1443 and the SMA-50 support area is at 1.1583. The mid-band is at 1.1490 and the upper and lower bands are at 1.1741 and 1.1238 respectively. Last week’s closing below the 1.1300 mark indicates a further bearish trajectory and favors intraday selling entries around 1.1300 with a target of 50 to 60 pips and a stop-loss at 1.1327.
