Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis

EUR/USD Dropped nearly 85 pips to close near 1.16000 yesterday and is currently trading almost unchanged. The intraday support levels are at 1.1584 and 1.1569. The near-term resistance areas are at 1.1644 and 1.1662.

Currently, 1.1600 is a critical level and a breach below this area will further extend the downside. However, the RSI has entered into an oversold which might cause small corrections. The MACD is below the middle line as well and indicates a bearish trajectory. The mid-Bollinger band is at 1.1756 while the upper and lower bands are at 1.1911 and 1.16012. Analyzing the ongoing strength in the USD and considering the intraday price pattern, the pair is ideal for selling entries on small rallies towards 1.1630 with a target of 50 to 60 pips and a stop-loss at 1.1665.

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