EUR/USD Heads Lower Into The New Week
ByLCMS Traders FX Analysis Team
JUL 19, 2021
EUR/USD is dropping further after ending the last week on the lower side. The pair is currently trading 0.20% lower to 1.1776 on the first day of the new week. The intraday support levels are at 1.17752 and 1.1738. The near-term resistance areas are at 1.1810 and 1.1839.
The last week’s closing has turned the price pattern strongly bearish. On the intraday charts, the SMA-14 is indicating resistance at 1.1829 while the SMA-50 resistance line is a t1.2025. The pair is also keeping below the mid-Bollinger band with RSI at 35. The MACD is below the middle line and indicates a bearish trajectory. Considering the fact that the RSI is still away from an absolute oversold zone and analyzing the intraday price pattern, the pair is ideal for selling entries using the following levels
Direction: Sell
Entry: 1.1800
Take Profit: 1.1855
Stop-Loss: 1.1832
An intraday closing below 1.1750 would likely keep the bears in control and the possibility of a drop below 1.1700 would be high. On the upside, a sustained price action above 1.1830 can bring the bulls back into the game.
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