ByLCMS Traders FX Analysis Team
JUN 24, 2021
EUR/USD remains depressed below 1.1950 amid firmness in the USD. The pair is currently trading at 1.1931 with immediate support levels at 1.1908 and 1.1886. The intraday resistance levels are at 1.1953 and 1.1989.
On the intraday chart, the small correction appears to be ending with a presence of a bearish Doji. The pair is keeping below the moving averages, the SMA-14 is at 1.2037 and the SMA-50 is at 1.2099. The pair is also below the mid-Bollinger band while the upper and lower bands are at 1.2329 and 1.1836 respectively. The RSI is at 37 and the MACD is below the zero line. Following the intraday and 4-hourly price patterns, the pair is good to sell at the following levels
Direction: Sell
Entry: 1.1945
Take Profit Range: 1.1900 – 1.1980
Stop-Loss: 1.1978
An intraday closing above 1.1980 is needed for the bears to challenge the SMA-14 (1.2037) resistance and move further higher. On the downside, an intraday closing below 1.1900 would once again let the bears resume the downtrend.
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