ByLCMS Traders FX Analysis Team
APR 30, 2021
EUR/USD bulls are having stiff resistance around 1.2150 as the pair currently trades 0.25% lower to 1.2095. The intraday support levels are at 1.2100 and 1.2077. The intraday resistance levels are at 1.2145 and 1.2178.
On the intraday charts, the pair is still showing a bullish outlook despite the decline. The SMA-14 is indicating support at 1.2044 and the SMA-50 support area is at 1.1956. The pair is also above the mid-Bollinger band which is at 1.1995 while the upper and lower bands are at 1.2177 and 1.1812 respectively. The RSI is at 62 and has a downwards curve. Following the intraday and 4-hourly price patterns the pair sell-offs appear temporary therefore buy trade would be ideal around 1.2075 with a target of 1.2135 and a stop-loss at 1.2050
A weekly closing above 1.2150 would strengthen the bears and help challenge the 1.2200 and 1.2270 resistance areas during the next week. On the downside, a weekly closing below 1.2020 would be supportive of the bears.
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