Overview:
- The EUR/USD pair is still trading between the levels of 1.0674 and 1.0587. The level of 1.0674 will indicate strong resistance; moreover, the pair is likely to find minor support level of 1.0587. Therefore, it will be quite profitable to sell at 1.0674 again (short term) with the first target at 1.0587, then it will continue towards 1.0565. Also, it should be noted that strong support was found at 1.0528 in the H1 chart. On the other hand, if the pair closes above the resistance level, then the best location for placing a stop loss is seen above 1.0674. In addition, please be aware that the trend has broken the daily support 1 and 2, for that it calls for a bearish market. Equally important is that the RSI and the Moving Average (100) are still calling for a downtrend from the area of 1.0680.
Trading recommendations:
- The area of 1.0680 has marked a strong support spot for that it will of the wisdom to go short below the level of 1.0680 with targets at 1.0587, 1.0565, and 1.0530. However, the stop loss should be place at 1.0696.
