EUR/USD: technical analysis

EUR/USD, EUR/USD: technical analysis, Technical Analysis, Stockmarkets Insights, Trading Tools:Biedex

EUR/USD, H4

On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is breaking down its longer MA, having left the overbought zone. The Composite is testing from below its longer MA as well.

EUR/USD, EUR/USD: technical analysis, Technical Analysis, Stockmarkets Insights, Trading Tools:Biedex
EUR/USD: technical analysis

EUR/USD, D1

On the daily chart, the pair is trading on the upper line of the Bollinger Bands. The price remains just below the SMA200 and above the EMA14, EMA65 and EMA130 that start turning up. The RSI is about to test the border of the overbought zone. The Composite is testing its quite strong resistance.

EUR/USD, EUR/USD: technical analysis, Technical Analysis, Stockmarkets Insights, Trading Tools:Biedex
EUR/USD: technical analysis

Key levels

Support levels: 1.1265 (May highs), 1.1210 (local lows), 1.1180 (March lows).

Resistance levels: 1.1350 (local highs), 1.1400 (local highs), 1.1435 (March highs).

Trading tips

There is a chance of a downward correction, while a breakout of local highs near 1.1350 would allow the growth to continue.

Short positions can be opened from the level of 1.1265 with targets at 1.1210, 1.1180 and stop-loss at 1.1295. Validity – 3-5 days.

Long positions can be opened from the level of 1.1350 with targets at 1.1400, 1.1435 and stop-loss at 1.1310. Validity – 3-5 days.

Scenario

TimeframeWeekly
RecommendationSELL STOP
Entry Point1.1265
Take Profit1.1210, 1.1180
Stop Loss1.1295
Key Levels1.1180, 1.1210, 1.1265, 1.1350, 1.1400, 1.1435

Alternative scenario

RecommendationBUY STOP
Entry Point1.1350
Take Profit1.1400, 1.1435
Stop Loss1.1310
Key Levels1.1180, 1.1210, 1.1265, 1.1350, 1.1400, 1.1435
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EUR/USD, EUR/USD: technical analysis, Technical Analysis, Stockmarkets Insights, Trading Tools:Biedex