ByLCMS Traders FX Analysis Team
JUN 28, 2021
EUR/USD correction ended near 1.1975 towards the end of the last week. Currently, the pair is trading at 1.1934 on the first day of the new week. The intraday support levels are at 1.1900 and 1.1876. The near-term resistance areas are at 1.11948 and 1.1974.
On the intraday charts, a few Doji formations are indicating that bulls are exhausted. The SMA-14 is indicating resistance at 1.2001 and the SMA-14 resistance area is at 1.2096. The pair is also keeping below the mid-Bollinger band while the upper and lower bands are at 1.2301 and 1.1806. The RSI is at 37 and appears supportive of the bears. Following the intraday and 4-hourly price pattern the pair is ideal to sell at the below levels
Direction: Sell
Entry: 1.1950
Take Profit Range: 1.1900 – 1.1880
Stop-Loss: 1.1977
An intraday closing below 1.1900 would be supportive of the bears and they would be in a better position to challenge the 1.1855 and 1.1820 support areas. On the upside, bulls require a sustained price action above 1.1975 to once again resume the uptrend.
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