Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis

EUR/USD is keeping on the lower side following Friday’s decline. The pair is currently trading almost unchanged at 1.1588 with immediate support levels at 1.1564 and 1.1541. The intraday resistance levels are at 1.1600 and 1.1623.

On the intraday charts, the volume has been relatively low during this week. Attempts to move above the 1.1600 mark have been unsuccessful so far. The SMA-14 is indicating resistance at 1.1610 with the SMA-50 showing resistance at 1.1685. The pair is also keeping below the mid-Bollinger band which is at 1.1596. The upper and lower bands are at 1.1669 and 1.1542 respectively. Following the intraday price pattern and analyzing the nearby resistance areas a lower move is suggested which makes the pair ideal for selling entries near 1.1600 with a target of 1.1555 and a stop-loss at 1.1630

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